Enron Trader to Plead Guilty

By: Associated Press

Updated: Thu 10:10 AM, Oct 17, 2002

A former top Enron trader reportedly will plead guilty to a charge he manipulated the energy market to drive up power prices in California.

Law enforcement sources who don't want to be identified said Timothy Belden will plead guilty Thursday to one charge of conspiracy to commit wire fraud.

Belden is the former head of trading in Enron's office in Portland, Oregon.

Authorities said Enron bought California power at cheap, capped prices, routed it outside the state and then sold it back into California at vastly inflated prices.

Belden now works for UBS Warburg, which bought Enron's power trading operations early this year.

Neither Belden nor his attorney could be reached for comment.

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