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| Version 3 | Version 4 |
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| NatWest Three offer guilty plea | NatWest Three offer guilty plea |
| (10 minutes later) | |
| Three British bankers extradited to the US on fraud charges connected to former US energy giant Enron have pleaded guilty to one count of wire fraud. | Three British bankers extradited to the US on fraud charges connected to former US energy giant Enron have pleaded guilty to one count of wire fraud. |
| David Bermingham, 44, Gary Mulgrew, 45, and Giles Darby, 44, the so-called NatWest Three, were in a Texas court. | David Bermingham, 44, Gary Mulgrew, 45, and Giles Darby, 44, the so-called NatWest Three, were in a Texas court. |
| Until now the three had protested their innocence to all seven fraud charges. | Until now the three had protested their innocence to all seven fraud charges. |
| Prosecutors say that in 2000 the three men advised former employer, NatWest, to sell part of a firm owned by Enron for less than it was worth. | Prosecutors say that in 2000 the three men advised former employer, NatWest, to sell part of a firm owned by Enron for less than it was worth. |
| It is claimed that the three then left the bank and bought a stake in the Enron-owned company, before selling it on at a significantly higher price and making a huge profit. | It is claimed that the three then left the bank and bought a stake in the Enron-owned company, before selling it on at a significantly higher price and making a huge profit. |
| They were arrested in the UK in 2004. | They were arrested in the UK in 2004. |
| High-profile extradition | High-profile extradition |
| The case hit the headlines last year as the three men fought against their extradition to the US. | The case hit the headlines last year as the three men fought against their extradition to the US. |
| The three are said to have profited from a former Enron business | |
| They were extradited in July 2006 under a new fast-track system agreed by the UK government and face up to 35 years in prison if found guilty on all charges. | They were extradited in July 2006 under a new fast-track system agreed by the UK government and face up to 35 years in prison if found guilty on all charges. |
| All three have been on bail since shortly after their extradition but were barred from returning to the UK before their trial. | All three have been on bail since shortly after their extradition but were barred from returning to the UK before their trial. |
| They are now due to be sentenced on 22 February. | They are now due to be sentenced on 22 February. |
| Enron, once the seventh largest company in the US, collapsed in 2001 with debts of $31.8bn (£18.3bn) after it was revealed that it had fraudulently hidden vast losses from investors. | Enron, once the seventh largest company in the US, collapsed in 2001 with debts of $31.8bn (£18.3bn) after it was revealed that it had fraudulently hidden vast losses from investors. |
| Wire fraud is a US legal concept that allows for higher penalties against any fraudulent activity, if the activity in question involves electronic communications of any sort. | Wire fraud is a US legal concept that allows for higher penalties against any fraudulent activity, if the activity in question involves electronic communications of any sort. |
| It is often used as a means for a federal prosecution of what would otherwise have been a matter for a state court. | It is often used as a means for a federal prosecution of what would otherwise have been a matter for a state court. |