BBC NEWS Americas Africa Europe Middle East South Asia Asia Pacific
BBCi NEWS   SPORT   WEATHER   WORLD SERVICE   A-Z INDEX     

BBC News World Edition
    You are in: Business  
News Front Page
Africa
Americas
Asia-Pacific
Europe
Middle East
South Asia
UK
Business
E-Commerce
Economy
Market Data
Entertainment
Science/Nature
Technology
Health
-------------
Talking Point
-------------
Country Profiles
In Depth
-------------
Programmes
-------------
BBC Sport
BBC Weather
SERVICES
-------------
EDITIONS
 Thursday, 19 December, 2002, 17:45 GMT
Enron ex-treasurer to forfeit funds
Former Enron chief financial officer Andrew Fastow
Former finance chief Andrew Fastow engineered the deal
A former Enron treasurer has agreed to surrender more than half a million dollars he made as part of a business deal engineered by indicted ex-chief financial officer Andrew Fastow.

It's like there is a bank robbery, and you say that you had nothing to do with it, but then say, 'here's the money back'

Ben Glisan, who served as Enron's treasurer until he was ousted last year, agreed to hand over $625,000 (390,000) of the more than $1m he made from a partnership called Southampton Place.

"I consent to this payment despite my honest belief that I was an innocent owner of that money," Mr Glisan wrote in a court filing last week.

He admitted no guilt in doing so.

Mr Glisan paid $412,000 in income taxes in 2001 on the proceeds from the deal.

Investigation

One lawyer familiar with the case questioned the wisdom of returning the funds while refusing to admit guilt.

"It's like there is a bank robbery, and you say that you had nothing to do with it, but then say, 'here's the money back,'" the lawyer said.

The US Justice Department charges the money was stolen from Enron's coffers.

Federal investigators have been looking into the off-balance-sheet partnership since earlier this year and have sought to seize the money.

Money laundering

The off-books deal was engineered by Mr Fastow, whose handling of Enron's finances led to the Houston energy trader's demise late last year.

The government began forfeiture proceedings against the individuals involved in Southampton Place scheme, including Mr Glisan, in August.

Mr Glisan said he had a change of heart about the legality of the funds in reviewing court documents in the criminal case against Mr Fastow and his assistant, Michael Kopper.

Mr Fastow was arrested in October, charged with 78 counts of fraud and money-laundering but remains free on $5m bond.

In a plea deal reached in August, Mr Kopper pleaded guilty to fraud and money-laundering charges and is cooperating with investigators.


Latest news

Background

Broad impact

CLICKABLE FACT FILE
See also:

02 Oct 02 | Business
29 Aug 02 | Business
22 Aug 02 | Business
21 Aug 02 | Business
Internet links:


The BBC is not responsible for the content of external internet sites

Links to more Business stories are at the foot of the page.


E-mail this story to a friend

Links to more Business stories

© BBC ^^ Back to top

News Front Page | Africa | Americas | Asia-Pacific | Europe | Middle East |
South Asia | UK | Business | Entertainment | Science/Nature |
Technology | Health | Talking Point | Country Profiles | In Depth |
Programmes