PracticeAccounting FirmsEx-Enron FD faces 78 fraud charges

Ex-Enron FD faces 78 fraud charges

Andy Fastow, former finance chief at Enron, was charged with 78 counts of fraud, money laundering and conspiracy last night (Thursday).

Link: Enron CFO faces money laundering charge
Link: Follow the Andersen and Enron Sagas

The US Justice Department accused the embattled Fastow, once seen as the brightest spark in American financial circles, of manipulating company results and hiding losses in secret partnerships.

But a statement issued through his lawyer, suggests a defiant Fastow will not go down without a fight with the likelihood of him giving evidence against former chairman Ken Lay greatly increasing.

‘These charges are full of sound and fury,’ the statement read. ‘The truth about Enron has yet to be told. When that truth is told, Andy Fastow will be free.’

In the meantime he faces a five-year jail sentence on each of the 78 charges brought against him.

Deputy attorney general Larry Thompson said the investigations into Fastow’s alleged illegal activities would continue. ‘We will use every appropriate measure to recover the ill-gotten gains of these corporate schemers. Justice demands it.’

Fastow has been free on bail since October.

Related Articles

Sexual harassment – is accountancy next for #MeToo?

Accounting Firms Sexual harassment – is accountancy next for #MeToo?

3d Karen Baxter, Lewis Silkin
Johnston Carmichael CEO appointed as ICAS president

Accounting Firms Johnston Carmichael CEO appointed as ICAS president

4w Emma Smith, Managing Editor
British Accountancy Awards 2018 – entries open!

Accounting Firms British Accountancy Awards 2018 – entries open!

1m Emma Smith, Managing Editor
Is the accountancy sector facing an international talent crisis?

Accounting Firms Is the accountancy sector facing an international talent crisis?

1m Lewis Silkin
RSM appoints new Chief Operating Officer

Accounting Firms RSM appoints new Chief Operating Officer

2m Alia Shoaib, Reporter
RSM announces 11 partner promotions

Accounting Firms RSM announces 11 partner promotions

2m Emma Smith, Managing Editor
BDO hires former AstraZeneca creative director as head of digital and innovation

Accounting Firms BDO hires former AstraZeneca creative director as head of digital and innovation

2m Emma Smith, Managing Editor
What does the future hold for listed accountancy firms?

Accounting Firms What does the future hold for listed accountancy firms?

2m Fergus Payne, Lewis Silkin