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Andrew Stuart Fastow (born December 22, 1961) is an American convicted felon and former financier who was the chief financial officer of Enron Corporation, an energy trading company based in Houston, Texas, until he was fired shortly before the company declared bankruptcy.
Eight former Enron executives testified, the star witness being Andrew Fastow, against Lay and Skilling, their former employers. [2] The jury reached its verdict on May 25, 2006, convicting both Lay and Skilling. Lay was also convicted by Sim Lake of charges in a separate bench trial.
Kenneth Lee Lay (April 15, 1942 – July 5, 2006) was an American businessman and political donor who was the founder, chief executive officer and chairman of Enron.He was heavily involved in Enron's accounting scandal that unraveled in 2001 into the largest bankruptcy ever to that date.
LJM, which stands for Lea, Jeffrey, Matthew, the names of Andrew Fastow's wife and children, was a company created in 1999 by Enron Corporation's CFO, Andrew Fastow, to buy Enron's poorly performing assets and bolster Enron's financial statements by hiding its debts.
CFO Andrew Fastow creates a network of shell companies designed solely to do business with Enron, for the ostensible dual purposes of sending Enron money and hiding its increasing debt. Fastow also pressures Wall Street investment banks into investing in these shell entities. However, Fastow has a vested financial stake in these ventures and ...
Lea Weingarten Fastow is a former Enron assistant treasurer who pleaded guilty to tax evasion and filing fraudulent Income Tax returns. The wife of former Enron executive and convicted felon Andrew Fastow, she was the second former Enron executive to go to prison after Enron collapsed due to fraud in December 2001.
Conspiracy of Fools tells the story of the 2001 collapse of Enron.Enron's Chief Financial Officer (CFO) Andrew Fastow is depicted as voraciously greedy, using front corporations and partnerships, paying himself "management" and "consultant" fees as if he were an outsider, all while cooking Enron's books to show fictitious profits.
In 1990, Enron's chief operating officer Jeffrey Skilling hired Andrew Fastow, who was well acquainted with the burgeoning deregulated energy market that Skilling wanted to exploit. [38] In 1993, Fastow began establishing numerous limited liability special-purpose entities, a common business practice in the energy industry. However, it also ...