AN ARTICLE FROM: PAPER CHASE NEWSBURST
Wednesday January 03, 2007
Ex- enron accounting head reports to texas prison for six-year fraud sentence
Former Enron chief accounting officer reported to Bastrop Federal Correction Institute for his role in accounting malpractices in the company. He will serve at a low security prison in Texas for a period of six years. Mr. Richard Causey was sentenced for six years in last November on pleading guilt to his charges. He was required to present himself to the prison authorities by Tuesday.
The role he played in the collapse of the giant energy company of the United States of America was enormous, in this regard he will forfeit $1.25 million to the government of United States of America and he is required to claim a deferred compensation of $ 250,000.
Richard Causey pleaded guilt days before his trial date. Mr. Kennedy Lay and Geoffrey Skilling who was also involved in the accounting malpractice and was also facing the similar. Unfortunately Mr. Lay died before the sentence began in December 2006 while Mr. Skilling was sentenced 24 years in jail. Another key prayer in the scandal Mr. Andrew Fastow who was the chief finance officer was sentenced six years in prison in September 2006; He began his sentence in the same month for his role in the accounting fraud. Mr. Andrew Festow being the chief finance officer was involved in concealing vital information from the auditors. In his sentence the Jury observed that he was the chief architect of the collapse of Enron one of the largest energy company in the United States.
Paper Chase Newsburst