×

Former Enron CFO One Step Closer to Freedom

Former Enron Chief Financial Officer Andy Fastow, who helped precipitate one of the most notorious corporate collapses in history and then became a star witness against his former bosses, has been transferred to a Houston halfway house as he prepares to be released from prison later this year, according to a Federal Bureau of Prisons website.

enron_logo.jpg

Fastow, now 49, received a six-year prison sentence in 2006 after admitting he used off-the-books side deals to skim millions of dollars from Enron. Revelations of Fastow's dealings helped trigger Enron's 2001 collapse.

Fastow is scheduled to be released in December.

As part of a plea bargain with the government, Fastow became a critical prosecution witness in the 2006 criminal trial of former Enron Chairman Kenneth Lay and former CEO Jeffrey Skilling.

Fastow testified his fraud was part of secret side deals with his former bosses to hide losses at what was once the nation's seventh largest company.

Skilling and Lay denied the allegations, but both were convicted — Skilling on 19 of 28 counts and Lay on ten counts. Skilling, who is appealing his conviction, is not scheduled to be released until around 2030. Lay died before he could be sentenced, so his convictions were wiped out.