A federal jury in Houston on Thursday convicted three former natural gas traders from Houston-based El Paso Corporation on one count each of conspiracy and multiple counts of false reporting and wire fraud. The charges arose from the reporting of non-existent natural gas trades sent to industry publications Inside FERC and Natural Gas Intelligence from 2000 to 2002 for the alleged purpose of influencing natural gas prices in El Paso’s favor. James Brooks, former head of gas trading at El Paso and managing director of a wholly owned subsidiary, was convicted on 45 total counts; gas trader Wesley C. Walton was convicted on 23 counts; and gas trader James Patrick Phillips was convicted on 21 counts. US District Judge Melinda Harmon has scheduled sentencing for May 23, 2008; each count carries a possible five year sentence. Houston Chronicle here; AP here.
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