Former Enron CFO Fastow sentenced to six years in prison

[JURIST] Former Enron Chief Financial Officer Andrew Fastow [Houston Chronicle profile; JURIST news archive] was sentenced to six years in prison Tuesday after US District Court Judge Kenneth Hoyt [official profile] reduced the 10 year prison term he accepted as part of his plea agreement [text, PDF] based on Fastow's cooperation [JURIST report] in the prosecution of former Enron CEOs Kenneth Lay [Houston Chronicle profile; JURIST news archive] and Jeffrey Skilling [Houston Chronicle profile]. Hoyt also said Fastow and his family had suffered enough in the Enron collapse and its legal aftermath which left thousands of victims in its wake, many with wiped-out savings, telling the courtroom "Prosecution is necessary, but persecution was not."

Fastow's wife Lea was released from prison [JURIST report] in June after serving a one year sentence for pleading guilty [JURIST report] to filing a false federal tax return related to money she and her husband received from Enron [JURIST news archive] financial dealings. Lay and fellow Enron CEO Jeffrey Skilling were convicted of fraud and conspiracy charges [JURIST report] in May but Lay died of a heart attack [JURIST report] before his sentencing hearing. Skilling is set to be sentenced next month. AP has more.

 

About Paper Chase

Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible format.

© Copyright JURIST Legal News and Research Services, Inc., 2013.