Andrew Fastow of Enron gets Six Years
The man that engineered the accounting fiasco of the energy trading company Enron has been sentenced to serve six years in prison. Andrew Fastow received a lighter sentence after pleading guilty to two counts of fraud and for testifying against two major Enron executives, Kenneth Lay and Jeffrey Skilling.
64 year old founding former chairman of Enron, Ken Lay avoided any sentence by dying from heart failure on July 5 this year.
Here's part of a report from MarketWatch..
It also took into account the one year his wife, Lea Fastow, served in a federal prison in Houston. The former Enron assistant treasurer admitted in May 2004 to signing a false tax return to hide the flow of money from her husband's many Enron partnerships.
Hoyt ordered no further fines against Fastow, who has already agreed to forfeit nearly $24 million in ill-gotten gains.
Fastow, 44, was the mastermind behind a labyrinth of off-balance-sheet partnerships at Enron, several bearing the initials of his wife and two sons, that inflated the company's earnings, hid its ballooning debt and funneled millions of dollars into his own pocket.
>> Business Scandals
64 year old founding former chairman of Enron, Ken Lay avoided any sentence by dying from heart failure on July 5 this year.
Here's part of a report from MarketWatch..
It also took into account the one year his wife, Lea Fastow, served in a federal prison in Houston. The former Enron assistant treasurer admitted in May 2004 to signing a false tax return to hide the flow of money from her husband's many Enron partnerships.
Hoyt ordered no further fines against Fastow, who has already agreed to forfeit nearly $24 million in ill-gotten gains.
Fastow, 44, was the mastermind behind a labyrinth of off-balance-sheet partnerships at Enron, several bearing the initials of his wife and two sons, that inflated the company's earnings, hid its ballooning debt and funneled millions of dollars into his own pocket.
>> Business Scandals
1 Comments:
One would think that mr Ken Lay got away too easily.
Just because these men wear suits and drive nice cars does not mean they are any less criminal than a thug on the street with a gun.
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