Former Enron treasurer Ben Glisan pleaded guilty to one count of conspiracy to commit wire and security fraud, earning him five years in Club Fed plus some post-prison supervision time. All other charges against him, which were part of a 109-count indictment against him, former Enron Chief Financial Officer Andrew Fastow and former Enron finance executive Dan Boyle, were dropped.
What intrigues me about this arrangement is what didn't happen:
Glisan, who had been indicted on two dozen charges, did not enter into a cooperating agreement with prosecutors. Thus, only if his actual presence in prison sobers other Enron suspects will his plea speed up the extensive criminal investigation into the demise of the energy trading giant. That work is still expected to continue several more months.
"He was viewed as one of the whiz kids. It has to be chilling," Leslie Caldwell, lead prosecutor of the Enron Task Force, said of the prison term's possible effect on other Enron executives.
One lawyer familiar with the case previously said Glisan could be in a position to provide the government with a big leg up in its continuing investigation of Enron executives and those at other companies that participated in some of the side deals. But prosecutor Caldwell said they do not expect Glisan to cooperate and they expect this deal to be final.
No matter. One more down, however many more to go. I hope this causes Fastow and Jeff Skilling to lose some sleep.Posted by Charles Kuffner on September 10, 2003 to Enronarama | TrackBack