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Company Enron [Company Info]
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Date Issue Title
26th Sep 2006 Fraud Investigation Fastow gets six-year term

Report
Andrew Fastow, the former Enron finance executive, has been sentenced to six years in prison.
The US energy giant went bankrupt in 2001 with debts of $31.8bn (18bn).

Fastow, 44, had pleaded guilty to fraud and money laundering in 2004 and became the chief witness in the trial against Ken Lay and Jeffrey Skilling.

His testimony helped convict former chairman Mr Lay, who died in July, and former chief executive Skilling, who will be sentenced next month.

Fastow helped orchestrate a series of loss-making deals and financial schemes at Enron to hide debts from investors.

He admitted these actions were fraudulent and enabled him to steal money from the energy trading firm.

His jail term is four years less than the maximum provided by his 2004 plea agreement.

US District Judge Ken Hoyt said he had taken account of Fastow's cooperation with prosecutors, his desire to help victims suing to recover their losses, and his visible remorse.

The judge did not impose a fine, saying that Fastow has already forfeited more than $24m.

Fastow hugged his wife and surrendered immediately following the hearing.

His wife, Lea, has already served a year in prison after making her own plea bargain with prosecutors over the Enron affair.

Kirby Behre, a former federal prosecutor and an expert on sentencing, said Fastow had got off lightly.

"Andy Fastow, by any measure, should be the happiest guy on Earth today," he said.

"He was slated to get 10, could have gotten 20, and with any luck, he'll be out with five and change."

Other Reports on Enron
Date Issue Company Report
13th Aug 2006 Fraud Investigation Enron Prosecutors raise Enron boss fine
25th May 2006 Fraud Investigation Enron Lay and Skilling guilty
15th May 2006 Fraud Investigation Enron Enron bosses 'stole to pump egos'
11th May 2006 Fraud Investigation Enron Judge deals blow to Enron accused
26th Apr 2006 Fraud Investigation Enron Enron feared witch hunt, Lay says
24th Apr 2006 Fraud Investigation Enron Lay 'devastated' by Enron failure
18th Apr 2006 Fraud Investigation Enron Skilling defends Enron share sale
13th Apr 2006 Fraud Investigation Enron Skilling slams Enron prosecutors
12th Apr 2006 Fraud Investigation Enron Enron 'held no cookie jar fund'
11th Apr 2006 Questionable Practice Enron Skilling denies cover-up at Enron
10th Apr 2006 Fraud Investigation Enron I'm innocent says ex-Enron chief
3rd Apr 2006 Fraud Investigation Enron Key Enron witness 'lied in court'
22nd Mar 2006 Fraud Investigation Enron Enron treasurer tells of 'lies'
16th Mar 2006 Fraud Investigation Enron Enron whistleblower condemns Lay
14th Mar 2006 Fraud Investigation Enron Key Enron witness 'duped bosses'
9th Mar 2006 Fraud Investigation Enron Lay 'lied about Enron finances'
7th Mar 2006 Fraud Investigation Enron Enron bosses hid massive losses
1st Mar 2006 Fraud Investigation Enron Enron 'pretty fast and loose with its rules'
27th Feb 2006 Fraud Investigation Enron Enron money man 'raided reserves'
13th May 2005 Fraud Investigation Enron Former Enron executive sentenced
9th Jan 2005 Fraud Investigation Enron Enron bosses agree $168m payout
3rd Nov 2004 Fraud Investigation Enron Convictions in Enron fraud trial
28th Jun 2004 Other Issue Enron Enron ex-boss breaks his silence

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