Former Enron executive pleads guilty faces prison
For the first time a former executive of Enron, which collapsed in the scandal, that the power of the company is in prison.
Former Treasurer Ben Glisan Wednesday vorschieben guilty of one count of criminal conspiracy and was immediately sentenced to five years in a minimum security federal prison, according to published reports.
He also acquired $ 938000 in profits from an illicit transaction with one of Enron’s Off-Balance Sheet partnerships and agreed not to try to $ 412000 Income taxes payable on this amount.
Although it is not cooperation with the judges, zerknirscht Glisan was before the courts. “I take full responsibility for my actions of Enron, Glisan said that reports of judges. “I sincerely request that the Tribunal to accept my plea.
As part of the plea agreement, prosecutors agreed that another 23 against Glisan account gout. The dismissal, including money laundering, fraud and conspiracy.
Glisan is the second former Enron executive to plead guilty, the scandal of taxes. Michael Kopper, former lieutenant of ex-CFO Andrew Fastow, last year vorschieben guilty of money laundering and conspiracy. (See “To Kopper, another type of roll-over”).
Fastow, you may recall, was in the same 109-count indictment that Glisan and former Enron Executive Finance Dan Boyle. Both Fastow and Boyle have pleaded not guilty. Glisan’s guilty of Appeal has resulted in a charge he has, with Fastow, created Talon, a special unit, poor coverage of transactions with Enron, according to the Houston Chronicle. The active offer to bring a lot of Enron, better financial results.
In a separate treatment, according to reports Glisan earned more than $ 1 million for an investment of less than $ 6000 in Southampton, one of the secret partnerships Fastow must be presumed to have inflated the results of Enron. In December 2002, Glisan agreed to pay compensation 916137 $ netted after taxes, but at the time, he said do not think it was anything but a bad action on transplantation at the time, according to the book Chronicles.
The issuers of debt securities advantage credit upgrades characters seems to increase, compared to the number four months after a new report by Standard & Poor’s Ratings Services. This indicates that the current round of credit will be composed of its depression, the rating agency noted.
Things which, in short. “The expectations of an economic upturn, fuelling expectations of higher profits and, hence, higher returns - with positive effects on the creditworthiness of companies,” S & P analysts reported.
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