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Enron's Andrew Fastow Moved to Halfway House

By Jeralyn, Section Crime in the News
Posted on Wed May 18, 2011 at 06:59:59 PM EST
Tags: Andrew Fastow, Enron (all tags)
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Andrew Fastow, Enron's Chief Financial Officer who cooperated with the Government and was sentenced to 6 years in prison, was moved to a halfway house today.

Fastow testified against Ken Lay and Jeff Skilling. Skilling got 24 years, although he's due for a resentencing after the Supreme Court tossed the "honest fraud" portion of the fraud statute. The 5th Circuit let the convictions stand, but remanded for resentenicng because the trial judge miscalculated some of the guidelines. His wife served a year at the MCC in Houston. The Fastows also forfeited $30 million.

Fastow's release date is Dec. 17. He'll probably transition to home confinement sometime between now and then.

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    Enron's Andrew Fastow Moved to Halfway House | 9 comments (9 topical)

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    SITE VIOLATOR? (5.00 / 1) (#5)
    by Peter G on Wed May 18, 2011 at 11:44:00 PM EST
    Kind of hard to tell.

    Seems like it (none / 0) (#10)
    by Zorba on Thu May 19, 2011 at 11:23:45 AM EST
    He/she is touting a criminal defense firm in Florida.  I cannot imagine Jeralyn or BTD going on somebody's blog to insert a link to their law firms.  In fact, if I were one of the partners of that firm, I would severely admonish the employee who did this.  (Assuming it's an actiual employee of that firm, and also assuming it's been done without the knowledge or approval of the partners, of course.)

    Parent
    Just curious (none / 0) (#1)
    by Ga6thDem on Wed May 18, 2011 at 07:30:00 PM EST
    What happens to people like this? Do they just go and get a lowly peon job and continue on with life or do they pick up where they were before going to jail?

    Yes (none / 0) (#3)
    by Ga6thDem on Wed May 18, 2011 at 08:33:07 PM EST
    well, some of these people have more lives than a cat when it comes to that stuff. Somehow lots of people tend to find jobs for their "buddy".

    Parent
    Think Martha Stewart (none / 0) (#6)
    by oculus on Thu May 19, 2011 at 12:04:37 AM EST


    Parent
    No, not Martha Stewart, more like (none / 0) (#7)
    by caseyOR on Thu May 19, 2011 at 01:56:53 AM EST
    Michael Millkin of 1980s junk bond fame.

    Stewart had a company to return to; a company that had absolutely nothing to do with the crime of which she was convicted. And I really don't think Martha Stewart's infraction was ever on a par with the major fraud Enron perpetrated on the energy industry and energy consumers.

    I remember that horrible year of wild energy supply fluctuation, complete with skyrocketing prices and rolling brown-outs. A horrible year that was completely manipulated by Enron traders. Life was energy hell on the west coast.

    Martha's actions really only damaged Martha.

    Parent

    No, for the simple fact that (none / 0) (#8)
    by coast on Thu May 19, 2011 at 07:18:00 AM EST
    he can never be an officer at a public company.

    Parent
    I Had a Friend... (none / 0) (#9)
    by ScottW714 on Thu May 19, 2011 at 09:14:07 AM EST
    ... who managed a hotel in New England, and one of the bellhops was a former mayor that was convicted of corruption.  So some do fall from grace, but I doubt he had the cash that the Enron clowns had.  

    Fastow is a convicted felon, so he can't trade or do a lot of those types of jobs including sitting on boards or becoming an officer in any publicly traded company.  Anything he does will have to be through an intermediary, and kept on the downlow.

    If I had to guess, I would think the $ 30M he returned wasn't all his wealth and he will probably go somewhere and we never here from him.  I live in Houston and I haven't seen his wife's name since she got out.  She may not even be here.  Of course he's going to first fulfill all the release obligations.

    I remember the big joke was that a hotdog at Enron Field(former home of the Astros) cost 1, then 2, then eventually like 10 shares of Enron stock.

    Parent

    I tell ya... (none / 0) (#11)
    by kdog on Thu May 19, 2011 at 01:00:41 PM EST
    the grifting spree we've seen the last 3-4 years makes the Enron crime spree seem almost quaint.

    Enron's Andrew Fastow Moved to Halfway House | 9 comments (9 topical)

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