Financial Accounting Blog

Thursday, September 11, 2003

Former Enron Treasurer Pleads Guilty
Fired Enron Corp. Treasurer Ben Glisan on Wednesday became the first Enron executive sentenced to prison after pleading guilty to criminal conspiracy.

Glisan's guilty plea may be bad news for his former boss, former Enron Chief Financial Officer Andrew Fastow, who is named in the same 109-count indictment and is accused of being the architect of many of the misdeeds that brought about Enron's collapse.

Glisan pleaded guilty to a single count of criminal conspiracy and was immediately sentenced to five years in federal prison. He also forfeited $938,000 in profits from an illegal transaction involving one of Enron's off-balance-sheet partnerships.