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Enron's Fastow awaits sentencing Enron's Fastow gets six-year term
(about 10 hours later)
Andrew Fastow, the former Enron finance executive who admitted his role in the giant fraud at the company, will be sentenced on Tuesday. Andrew Fastow, the former Enron finance executive, has been sentenced to six years in prison.
Fastow, 44, pleaded guilty to fraud and money laundering in 2004 and became the chief witness in the trial against Ken Lay and Jeffrey Skilling. The US energy giant went bankrupt in 2001 with debts of $31.8bn (£18bn).
Under the terms of his agreement with prosecutors, Fastow can serve a maximum of ten years in jail. Fastow, 44, had pleaded guilty to fraud and money laundering in 2004 and became the chief witness in the trial against Ken Lay and Jeffrey Skilling.
However, this could be reduced at the discretion of the judge. His testimony helped convict former chairman Mr Lay, who died in July, and former chief executive Skilling, who will be sentenced next month.
Victim participation? Fastow helped orchestrate a series of loss-making deals and financial schemes at Enron to hide debts from investors.
US District Judge Kenneth Hoyt has invited former Enron workers to speak at Mr Fastow's sentencing to bear witness to how his crimes and those of colleagues affected their lives.
It is not clear how many people will take advantage of the 2004 statute that gave victims in federal fraud cases enhanced rights.
Fastow orchestrated a series of loss-making deals and financial schemes to hide debts from investors.
He admitted these actions were fraudulent and enabled him to steal money from the energy trading firm.He admitted these actions were fraudulent and enabled him to steal money from the energy trading firm.
Fastow's testimony helped convict former chairman Mr Lay, who died in July, and former chief executive Mr Skilling, who will be sentenced next month. 'Visible remorse'
Lawyers for Fastow have argued that a full 10-year sentence is not "necessary", but legal experts say judges in previous Enron cases have not be inclined to show much leniency to convicted offenders. His jail term is four years less than the maximum provided by his 2004 plea agreement.
Mr Fastow was indicted on 98 counts of fraud and conspiracy and pleaded guilty to two counts of conspiracy. US District Judge Ken Hoyt said he had taken account of Fastow's cooperation with prosecutors, his desire to help victims suing to recover their losses, and his visible remorse.
He was also forced to surrender $30m in cash and other assets. The judge did not impose a fine, saying that Fastow has already forfeited more than $24m.
Fastow hugged his wife and surrendered immediately following the hearing.