Year: 2006

While there are people doing life sentences (three strikes and you’re out) for stealing hubcaps in California, one of the five core figures in business crimes which shook the American economy gets six years of minimum security…. ABC News Online: Ex-Enron exec sentenced to six years’ jailAndrew Fastow, who helped engineer the financial trickery that sank Enron Corp and then helped convict his former bosses in the scandal, had four years knocked off the plea deal he made, receiving a six-year sentence instead.US District Judge Ken Hoyt said the 44-year-old former Enron chief financial officer had given “exceptional” assistance to prosecutors, had pledged to help victims and had shown remorse, and his wife had gone to prison for a year.Fastow, who oversaw Enron’s finances during the giant energy trader’s spectacular rise and fall, pleaded guilty to fraud and conspiracy in 2004, agreeing to a 10-year sentence and pledging to help prosecutors.His testimony helped convict former chairman Kenneth Lay and former CEO Jeffrey Skilling.His voice breaking in an anguished statement before hearing his sentence, he expressed his shame, pledged to work for redemption and apologised to the victims of the Enron fraud and to his friends and family.”I failed them,” he said.The judge rejected a request from lawyers for Enron victims that Fastow be allowed to delay his surrender until October 23, which they said would make it easier for him to give a deposition that could facilitate billions more in recoveries from Enron’s banks.The judge ordered him into custody immediately.Judge Hoyt imposed no fine and recommended a minimum-security prison for Fastow.Enron’s crash caused investors to lose billions and cost thousands of employees their jobs and retirement savings.