USA: Former Enron finance chief Andrew Fastow sentenced to six years in prison

Andrew Fastow, whose financial wizardry was exposed as fakery and theft in the Enron Corp. collapse, was sentenced to six years in prison on Tuesday (September 26), four years less than provided in his 2004 plea agreement. U.S. District Judge Ken Hoyt cited Fastow's cooperation with prosecutors, his desire to help victims suing to recover their losses and his visible remorse in imposing less than the 10 years to which Fastow had agreed in pleading guilty in 2004. Noting that Fastow has forfeited more than $24 million and friends and family have turned over more than $5 million, the judge imposed no fine. But he ordered two years of supervised release after the sentence. The judge rejected a request from lawyers for victims suing banks to recover Enron-related losses that Fastow be allowed to surrender on October 23, after giving a deposition in the case. Fastow hugged his wife and surrendered immediately after the hearing.

ITN Source | September 27, 2006

Tags:. .four. .turned. .source. .release. .million