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Fastow to be sentenced

Former Enron chief financial officer Andrew Fastow

TEXT OF STORY

SCOTT JAGOW: We haven't talked about Enron in a while, but today, we'll find out the prison term for one of its key players. Andrew Fastow was the finance chief. He confessed to his crimes, then became a star witness against his former bosses, Ken Lay and Jeffrey Skilling. Marketplace's Amy Scott reports.


AMY SCOTT: When Andy Fastow pleaded guilty to conspiracy charges, he agreed to serve a maximum prison sentence of 10 years.

His attorneys are now trying to whittle that down. They say Fastow is a changed man. That he's helped Hurricane Katrina victims, and mowed the lawn at his synagogue.

White-collar criminal defense attorney Jeremy Frey says the judge could lighten Fastow's sentence but he wouldn't hold his breath.

JEREMY FREY: If I were Mr. Fastow, I would not be anticipating a sentence less than 120 months. That is the agreement that he reached with the government. It's gonna be pretty unlikely for a judge to leave that track and to impose something less.

Especially Frey says, because of Fastow's role in Enron's $60 billion collapse.

He not only admitted to orchestrating the company's book-cooking, but to profiting from the fraud...to the tune of about $45 million.

Frey says when a judge is looking at that kind of crime cooperation with the government only goes so far.

In New York, I'm Amy Scott for Marketplace.

About the author

Amy Scott is Marketplace’s education correspondent covering the K-12 and higher education beats, as well as general business and economic stories.
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