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Sept. 18, 2003 -- Three former Merrill Lynch & Co. executives have been charged in federal court with fraud in connection with an Enron deal for power plant barges in Nigeria.

Daniel Bayly, Robert Furst and James Brown were indicted with three counts of fraud and arraigned Wednesday in a Houston federal court, Dow Jones Business News reported.

The three were charged with falsifying records and conspiracy to commit wire fraud. One of the men, James Brown, was also accused of lying to a grand jury investigating the Enron scandal. All three men pleaded not guilty to the charges and were released on bond of $100,000 each.

According to the indictment, Enron sold Merrill Lynch a percentage of some Nigerian power plant barges and then booked a $12 million pretax profit.

Pretrial hearing on the charges is set for Oct. 31 and the trial is scheduled for Nov. 10.

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