Three of British bankers nicknamed as "Natwest Three" had pleaded guilty for stealing $7.3m (£4m) and following this they face 37 months in prison. The theft was a very sophisticated transatlantic fraud that has been associated with the decline of the energy trading behemoth Enron.

In less than 18 months following the trio's surrender to the US authorities, fuelling allegations of injustice and a political storm, Gary Mulgrew, David Bermingham and Giles Darby stopped their protestations of innocence at a hearing in the federal courthouse of Houston.

The trio stood before judge, Ewing Werlein, being dressed in dark suits for a 45-minute hearing. The three men were closely questioned from the bench on their mental fitness, free will, sobriety, and understanding of the charges.

The trio who worked for the investment banking arm of Natwest had together made a deal with two senior Enron executives in 2000, who have been imprisoned since then. The trio had recommended Natwest to sell its stake in the Cayman Islands in an Enron-related venture in return of a knockdown price. In addition to this, the trio also shared a secret profit with their Enron companions on the side of $20m.

According to a deal made with the US government, the bankers admitted only one of the seven charges of wire fraud. Both sides have provisionally agreed to the imprisonment of 37 months, though the judge has the leeway of making changes to the penalty. The guilty will also have to repay the amount they have stolen ($7.3m) to the owner of Natwest, Royal Bank of Scotland.