Sep 05, 2002 |
PAA Reacts to Indictment of Former Employee |
(Houston – September 5, 2002) Plains All American Pipeline, L.P. (NYSE: PAA) announced today that it had been advised by the government of the indictment of its former employee, James M. Stewart, on three counts of wire fraud. The charges stem from unauthorized trading losses discovered by the Partnership in 1999. “We have been cooperating with the FBI in its investigation, and will continue to do so,” said Tim Moore, Vice President and General Counsel of the Partnership. “We don’t want to do or say anything at this point that could interfere with the process, and we don’t plan at this time to comment further.” Plains All American Pipeline, L.P. is engaged in interstate and intrastate crude oil transportation, terminalling and storage, as well as crude oil gathering and marketing activities, primarily in Texas, California, Oklahoma, Louisiana and the Canadian Provinces of Alberta, Saskatchewan and Manitoba. The Partnership’s common units are traded on the New York Stock Exchange under the symbol “PAA”. The Partnership is headquartered in Houston, Texas. # # # |
|