Corp-Ethics.com - Report: Former Enron executive sentenced

Company	Enron [Company Info]
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Date	Issue	Title
13th May 2005	Fraud Investigation	Former Enron executive sentenced

Report

A former Enron finance executive has been sentenced to three years and 10 months in prison for his role in a bogus deal to boost earnings.

Dan Boyle was sentenced alongside former Merrill Lynch bankers Robert Furst and William Fuhs, who will both serve three years and one month.

Enron fraudulently recorded the 1999 contract as a $12m (£6m) profit.

The former energy giant went bankrupt in December 2001 with massive debts after mass frauds were discovered.

Under the fraudulent deal orchestrated by Mr Boyle, Enron sold Merill Lynch electricity-producing barges in Nigeria, before later buying them back at a pre-set price.

Enron recorded the deal as a $12m profit, but under accounting rules it was actually a loan.

"I am the only one responsible for my acts and omissions ... I'm truly sorry," said Mr Boyle in a statement.

A number of former Enron employees are being tried in the US courts.

The company's former chief financial officer Andrew Fastow, seen as the architect behind the mass of fraudulent deals, last year struck a plea bargain with prosecutors that is expected to see him eventually serve a 10-year prison sentence.

Mr Fastow is also expected to testify against former Enron chairman Ken Lay and chief executive Jeffrey Skilling when their trail begins early next year.

Other Reports on Enron
Date	Issue	Company	Report
26th Sep 2006	Fraud Investigation	Enron	Fastow gets six-year term
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'
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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