Ex-Enron CFO Fastow surrenders to FBI

http://www.ft.com/ ^ | 2 oct 2002 | By FT.com staff in New York

[Logic_3]

Ex-Enron CFO Fastow surrenders to FBI By FT.com staff in New York
Published: October 2 2002 15:38 | Last Updated: October 2 2002 15:38

Andrew Fastow, Enron's former chief financial officer, came out of the Houston FBI office in handcuffs on Wednesday after surrendering on criminal charges of defrauding shareholders through deals made at the now bankrupt company.

Mr Fastow made no comment as federal agents took him to a federal courthouse in Houston where he is to be formally charged.

A federal bankruptcy judge in New York authorised the committee of unsecured creditors on Tuesday to start litigation in Texas against former Enron executives on charges of fraud, breach of fidicuary duty, gross negligence and money laundering, amongst others.

The executives to be charged include Mr Fastow, Kenneth Lay, former chairman, and Jeffrey Skilling, former chief executive. Prosecutors are likely to outline the criminal complaint against Mr Fastow, followed by a brief hearing before a judge.

Enron's collapse in December last year was the biggest bankruptcy in the world at that time and came as questions persisted over the group's accounting practices. The group's top three executives have been under Congressional investigation over their role in the bankruptcy.

[Logic_3]

Her comes "double-dip Fastow"

[Joe Hadenuf]

to start litigation in Texas against former Enron executives on charges of fraud, breach of fidicuary duty, gross negligence and money laundering, amongst others.

Funny, I remember about a year ago, many on this forum were trying to convince everyone that Enron did nothing wrong.........What a difference a year makes....

[Mo1]

TAKE BACK THE SENATE!

VOTE OUT THE DEMS!

DONATE TODAY!!!. SUPPORT FREE REPUBLIC

Donate Here By Secure Server

Or mail checks to
FreeRepublic , LLC
PO BOX 9771
FRESNO, CA 93794

or you can use

PayPal at Jimrob@psnw.com
STOP BY AND BUMP THE FUNDRAISER THREAD

[Logic_3]

"to start litigation in Texas against former Enron executives on charges of fraud, breach of fidicuary duty, gross negligence and money laundering, amongst others. "

Funny, I remember about a year ago, many on this forum were trying to convince everyone that Enron did nothing wrong.........What a difference a year makes....

Belief in the market is a market in it self...when the market goes south so does the belief in the market.

[Moleman]

Ok, off to the Country Club with you. Winston pull the paddy wagon around will you old boy.

[Moonman62]

Belief in the market is a market in it self...when the market goes south so does the belief in the market.

And it doesn't help when the government implements policies that are bad for the market.

[OKSooner]

Does anyone have a picture of Fastow doing the perp walk? Enquiring minds want to see it.

[LetsRok]

Once he is released on bail he will probably pull a Marc Rich and flee the country. I would.

[Donald Stone]

A federal bankruptcy judge in New York authorised the committee of unsecured creditors on Tuesday to start litigation in Texas against former Enron executives on charges of fraud, breach of fidicuary duty, gross negligence and money laundering,amongst others.

[mssnoop]

I wonder if this ruling will spread to other companies seeking bankruptcy protection after playing the IPO game, or the old asset shuffle between their companies and using friends at lending agencies to cook the books.