BusinessCompany NewsFew Enron victims to speak at Fastow sentencing

Few Enron victims to speak at Fastow sentencing

Former workers to keep their silence as judge prepares to pass judgement at 5pm BST

Few former Enron Employees are expected to speak at the sentencing today of
disgraced former Enron chief financial officer Andrew Fastow.

Under a two-year-old federal law, former employees are allowed to speak at
his sentencing, provided they sign up by 10am on the day in Houston.

Fastow 44, has already agreed to serve a maximum 10-year term when he pleaded
guilty in 2004 to two counts of conspiracy.

US District Judge Kenneth Hoyt can either uphold the 10-year sentence or
reduce it.

But according to Ron Jordan, chairman of the Severed Enron Employee
Coalition, few employees had expressed interest in speaking at the sentencing.

‘Most of what they really wanted was their money back. They weren’t after
somebody’s head or sending somebody to jail,’ Jordan was reported as saying.

Enron collapsed into bankruptcy proceedings in December 2001 following a
massive accounting fraud with thousands of jobs lost including many people’s
pensions.

The energy giant’s former CFO was indicted on 98 counts of fraud and
conspiracy and also had to surrender $30m in cash and other assets.

He plead guilty to two counts of conspiracy before turning whistleblower on
his bosses, helping to convict ex-chairman Kenneth Lay who died last July and
former chief executive Jeffrey Skilling, who will be sentenced next month.

Fastow orchestrated a series of loss-making deals and financial schemes to
hide debts from investors, admitting these actions were fraudulent, enabling him
to steal money from his firm.

Judge Hoyt passes judgement at 5pm BST.

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