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Andrew Fastow
From Wikipedia, the free encyclopedia
Andrew Stuart Fastow (born 22 December 1961) was the chief financial officer of Enron Corporation until the U.S. Securities and Exchange Commission opened an investigation into his conduct in 2001. Fastow was one of the key figures behind the complex web of off-balance sheet special purpose entities (limited partnerships which Enron controlled) used to conceal their massive losses. He is currently serving a 6 year prison sentence for charges related to this conduct.
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Fastow was born in Washington, DC. He grew up in New Providence, New Jersey, the middle of three sons in a Jewish family. His parents, Carl and Joan Fastow worked in merchandising. Andy graduated from New Providence High School, where he was elected student council president, played on the tennis team, and played in the school band.[1] He was the sole student representative on the New Jersey State Board of Education.
Fastow graduated from Tufts University in 1983 with B.A.s in economics and Chinese. While there, he met his future wife, Lea Weingarten, whom he married in 1984. Her family had founded a grocery store chain in Houston and later entered the real estate business.
Fastow and Weingarten both earned MBA at Northwestern University and worked for Continental Illinois National Bank and Trust Company in Chicago.
While at Continental Illinois, Fastow helped pioneer a system of raising capital by selling notes backed by risky loans. The practice spread across the industry "because it provides an obvious advantage for a bank," noted the Chicago Tribune. "It moves assets off the bank's balance sheet while creating revenue." Continental became the largest U.S. bank to fail during the Savings and Loan crisis.
Based on his work at Continental, Fastow was hired in 1990 by Jeffrey Skilling at Enron.
On October 31, 2002, Fastow was indicted by a federal grand jury in Houston, Texas on 78 counts including fraud, money laundering, and conspiracy. On January 14, 2004, he pled guilty to two counts of wire and securities fraud, and agreed to serve a ten-year prison sentence. He also agreed to become an informant and cooperate with federal authorities in the prosecutions of other former Enron executives in order to receive a reduced sentence.
On May 6, 2004, his wife, Lea Fastow, a former Enron assistant treasurer, plead guilty to a misdemeanor tax charge and was sentenced to one year in a federal prison in Houston, and an additional year of supervised release. She was released to a halfway house on 11 July 2005.
Despite entering into a plea agreement to serve 10 years in prison, on 26 September 2006, Fastow was sentenced to six years, followed by two years of probation. U.S. District Judge Ken Hoyt believed Fastow deserved leniency for his cooperation with the prosecution in several civil and criminal trials involving former Enron employees. Hoyt recommended that Fastow's sentence be served at the low-security Federal Correctional Institution in Bastrop, Texas. As of November 2006, Fastow is Inmate #14343-179 at the Federal Detention Center (FDC) in Oakdale, Louisiana, with a projected release date of December 17, 2011. [2]
A number of books have been written about Enron and Andy Fastow. Prominent among these is Conspiracy of Fools by Kurt Eichenwald which essentially features Fastow as the book's antagonist.
Bethany McLean and Peter Elkind wrote the book Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron, 2003, ISBN 1591840082. This book was made into a film documentary, Enron: The Smartest Guys in the Room, in 2005.
- ^ Iwata, Edward. "Fastow's fast track to infamy", USA Today. Accessed May 25, 2007. "The son of a buyer for a drugstore chain, Fastow was born 40 years ago in Washington and raised in Providence [sic], N.J. The popular Fastow played the trumpet in the New Providence High School Pioneers marching band and was active in student government."
- ^ http://www.bop.gov/iloc2/InmateFinderServlet?Transaction=NameSearch&needingMoreList=false&LastName=Fastow&Middle=&FirstName=Andrew&Race=U&Sex=U&Age=&x=19&y=24
- Plea agreement and statement .pdfU.S. vs. Andrew Fastow (January 14, 2004)
- Andrew S. Fastow - Enron Corp., Russ Banham, CFO Magazine, October 1, 1999.
- Fastow indicted on 78 counts, Claire Poole, The Daily Deal, October 31, 2002.
- "How Fastow Helped Enron Fail", Time, February 10, 2002
- Andrew Fastow's political donations
- January 14, 2004 plea agreement
- News item: "Lea Fastow enters prison"
- Dart, Bob (2 February 2002). Former CFO Fastow Was Complex Character In Enron Drama. Cox News Service.
- Cam Simpson and Flynn McRoberts (20 January 2002). Architects of Enron's rise bred its demise. Chicago Tribune.
| Persondata | |
|---|---|
| NAME | Fastow, Andrew Stuart |
| ALTERNATIVE NAMES | |
| SHORT DESCRIPTION | chief financial officer of Enron Corporation |
| DATE OF BIRTH | 22 December 1961 |
| PLACE OF BIRTH | Washington, D.C. |
| DATE OF DEATH | living |
| PLACE OF DEATH | |