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Andrew Fastow to be Sentenced Today

By: Associated Press
By: Associated Press

Former Enron chief financial officer Andrew Fastow learns his fate Tuesday for his role in the energy giant's collapse.

A federal judge in Houston is expected to sentence Fastow to ten years in prison, which is what Fastow agreed to when he pleaded guilty in 2004. The judge cannot increase Fastow's sentence but he can reduce it.

Former Enron workers have been invited to speak at the sentencing about how the company's downfall affected their lives.

Once the nation's seventh-largest company, Enron went bankrupt in 2001 after years of accounting tricks could no longer hide (b) billions in debt or make failing ventures appear profitable. Thousands of jobs were lost, along with more than two (b) billion dollars in pension plans.

Fastow has admitted running various schemes to hide Enron debt and inflate profits while enriching himself. He cooperated in the prosecution of Enron founder Kenneth Lay and former chief executive Jeffrey Skilling.


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