Houston (Oct. 2, 2002) Andrew Fastow, the former chief financial officer at bankrupt energy provider Enron, is expected to surrender to the FBI today and face fraud charges related to the collapse of the company.
Fastow allegedly created and ran off-balance-sheet partnerships that personally brought him roughly $30 million and were used to hide about $1 billion in losses for Enron.
The company filed for bankruptcy in December. The chain of events ultimately also led to the implosion of former Big Five firm Arthur Andersen, Enron’s auditor.
Legal sources said that any plea bargain would be contingent on the amount of information Fastow could supply in the ongoing investigations of former Enron chairman Ken Lay and former chief executive Jeffrey Skilling.
--Electronic Accountant Newswire staff
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