Enron CFO Fastow Pleads GuiltyJan 14, 2004 | www.thestreet.com Former Enron CFO Andrew Fastow has plead guilty to criminal charges for his role in the massive accounting scandal at the bankrupt energy trading company.
The charges are conspiracy to commit wire fraud and conspiracy to commit securities fraud, and will carry a 10-year prison sentence, according to media reports.
Fastow's wife, Lea, a former assistant treasurer at the company, was also reportedly ready to plead guilty in an agreement with prosecutors.
Andrew Fastow is the highest-ranking former executive of Enron to plead guilty in the government's long-running case, which has yet to charge former Chairman Kenneth Lay and former CEO Jeffrey Skilling.
Fastow also reportedly reached a settlement with the Securities and Exchange Commission, which includes a $23 million fine and a lifetime ban from serving as an officer or director of a public company, according to reports.
Fastow is at the heart of the government's corruption case, and there's been widespread speculation that prosecutors expect a deal with him will yield information about Lay and Skilling.
He was charged with 98 counts of securities fraud, conspiracy, money-laundering and other charges.
The husband and wife are hoping to coordinate any time in prison so that one of them will be able to raise their two young children.
The Fastows are among 26 people charged in the federal investigation of Enron's demise. Former Treasurer Ben Glisan Jr. began a five-year prison term in September. Michael Kopper, Fastow's top deputy, pleaded guilty to similar charges in October 2002 and agreed to testify against his former boss and others.