HOUSTON, July 30 (UPI) -- The former head of Enron Corp.'s broadband Internet business pleaded guilty Friday in Houston to a charge of securities fraud.
Ken Rice must cooperate with the government's investigation and forfeit $13.7 million in cash and property under a plea agreement, the Houston Chronicle reported.
Rice faces a maximum of 10 years in prison and a $1 million fine, as well as three years of supervision. His sentencing is scheduled for Jan. 31.
Rice was indicted in April 2003 along with seven other former broadband employees. They allegedly lied to investors and the public about the business and profited from stock sales when the share price rose, according to an indictment. The other defendants have pleaded innocent and face a trial in October.
Rice, as a division head, would have reported to former Enron Chief Executive Officer Jeff Skilling and had contact with former Chairman Ken Lay, both of whom have pleaded innocent to charges in the Enron case.
Rice is the 11th person to plead guilty to Enron charges.