|Home||Company Search||Related Articles||Forum (new!)|
|Company||Enron [Company Info]|
|Track this Company (an email will be sent to you everytime a report is filed about this company)|
|14th Mar 2006||Fraud Investigation||Key Enron witness 'duped bosses'|
|Defence lawyers acting for former Enron boss Kenneth Lay have accused a chief witness against him of helping to bring about the US energy giant's collapse.
Former finance chief Andrew Fastow lied to his bosses at Enron while stealing millions of dollars from the bankrupt firm, Mr Lay's defence attorney said.
Mr Fastow was facing cross-examination after giving evidence against Mr Lay and fellow Enron boss Jeffery Skilling.
Defence lawyer Andrew Ramsey told a court in Houston that Mr Fastow duped his bosses into thinking Enron was financially strong, while at the same time sowing the seeds of the company's demise.
"You were very proficient at looking him [Mr Lay] right straight in the face and telling him you were loyal and he could count on you, but you knew in your heart you were stealing from the house," Mr Ramsey said.
"You were successful in your lying and your deceit from 1997 all the way up to 2001."
Mr Fastow, who has pleaded guilty to fraud charges and agreed to help prosecutors in exchange for a reduced 10-year jail sentence, admitted that he had "fooled" staff at Enron.
Mr Lay had claimed that Enron's finances were robust in a Business Week interview in August 2001, despite being aware of mounting problems, prosecutors said.
"It was what Mr Lay was saying. It was a lie," Mr Fastow told jurors.
However, Mr Lay's lawyers attempted to discredit Mr Fastow's evidence, arguing that he had only decided to co-operate with prosecutors after realising he faced "200 or 300 years in jail".
"Can you think of one reason why your testimony should be deemed credible," Mr Ramsey said on Monday.
|Other Reports on Enron|
|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|
|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|
|Related Reports from the Utilities Industry|
|Severn Trent Water||Other Issue||Severn Trent provided false information|
|Powergen||Questionable Practice||Powergen fined over unfair policy|
|British Gas||Questionable Practice||British Gas complaints 'double'|
|Severn Trent Water||Fraud Investigation||Ex-Severn bosses face fraud questions|
|Westar Energy||Fraud Investigation||Ex-Westar CEO Wittig Gets 18-Year Sentence|
|© 2006 Corp-Ethics.com | Corporate Ethics|