Six years for ex-Enron CFO

Four years knocked off plea deal

Written by AccountancyAge.com

Andrew Fastow, the former finance chief at Enron, has received a six-year jail sentence for his role in the collapse of the energy giant.

US District Judge Ken Hoyt showed leniency towards Fastow, cutting his originally plea-bargained 10-year sentence by four years.

It was Fastow’s testimony, which helped the government convict former Enron bosses Jeff Skilling and Ken Lay

Hoyt said Fastow had given ‘exceptional’ assistance to prosecutors, had pledged to help victims and had shown remorse.

Fastow made an anguished statement before hearing his sentence, during which he expressed his shame, pledged to work for redemption and apologized to the victims of the Enron fraud and to his friends and family.

‘I failed them,’ he said.

He is expected to be out of jail before his 50th birthday.

Advertisement

Enjoyed this article? Help spread the word:

Comments

White papers

Related jobs

More Accounting jobs

Spotlight

Management Consultancy Top 75

21st annual survey shows another £1bn on revenues

bryan clark, chief information officer at kpmg europe

Profile: Bryan Clark, chief information officer at KPMG Europe

Getting the right infrastructure is instrumental in consolidating KPMG’s European...

Apprentices, Arnie and Archos in the latest YP

September issue of Young Professional appraises the year for our...

Find your next job

Find your next job

Advertisement

Salary Checker

Newsletters

Sign up here for the very latest news delivered to your inbox. Choose from the following options:

Search white papers

Search white papers

Advertisement

Have your say

Should fair value accounting be suspended in the wake of the market crisis?
Yes, it's a big part of the problem
No, don't shoot the messenger

Job of the week

More finance jobs

Advertisement

Your next job