Fraud Case at Enron Is Settled

[dutchdemocrat]

Half a million dollar fine... Justice?


Fraud Case at Enron Is Settled
By KURT EICHENWALD

Published: October 10, 2003


A former senior accountant at Enron settled accusations by the Securities and Exchange Commission yesterday that he manipulated the company's earnings through the use of improper and fraudulent accounting maneuvers.

Under the settlement, Wesley H. Colwell, the former chief accounting officer of Enron's wholesale trading group, agreed to pay $500,000 in penalties and accept a permanent bar from serving as an officer or director of a public company. Mr. Colwell, who is cooperating with the Enron inquiry, did not admit nor deny any wrongdoing.


The government has previously brought several cases against former Enron officials contending that they cheated on fine points of complex accounting or entered into secret side agreements that should have changed the way transactions were valued. But the settlement with Mr. Colwell is the first time in the Enron case that the government has brought accusations involving basic areas of accounting: valuations of assets and the use of accounting reserves to offset losses.

SNIP

http://www.nytimes.com/2003/10/10/business/10enron.html?ex=1066449600&en=36090657e09e5752&ei=5062&partner=GOOGLE

[nadinbrzezinski]

1. Only if he IS COOPERATING

and wil sing like a canary in the court against Kenny lay... then it is justice, as in RICO law you do need a canary.

[dutchdemocrat]

2. I hope he is

But I don't see any indication of that here.

[Don_G]

3. First or Only?

"Fine Points" around the law can't possibly account for the damage caused nor for the millions transfrred to Dimbo's Pioneers that circumvented "Freedom" in Amerika.

If Dimbo "wins" in 2004, I fully expect a series of events to transpire from that...none of which are pleasant.

[7th_Sephiroth]

4. steal 100,000,000

pay back $500,000, anyone see the problem with this?

[MaineDem]

5. Just the cost of doing business?

I was being sarcastic.

I hope there's more to this. I sincerely hope Fastow and Lay get more than a slap on the wrist.

[Jackpine Radical]

6. With our DOJ, "cooperating"

means he agreed to keep his mouth shut about Kenny Boy.

[Devils Advocate NZ]

8. With Bush's DOJ, "cooperating" means

he is going to say that all of Enron's crimes happened under, and with the assistance of the Clinton administration...

[The Backlash Cometh]

7. This is terrible.

Not enough justice.

[cosmicdot]

9. it's what is in the Settlement Agreement which was signed that counts

I've signed a Settlement Agreement ... gag clauses are typical to protect the truth from getting out ...

[idontwantaname]

10. to whom is this is a fine for penalties going to?...

what about other suits filed and fines paid?