Andrew Fastow

About Andrew Fastow

Who is it?: Former CFO of Enron
Birth Day: December 22, 1961
Birth Place: Washington, D.C., USA, United States
Birth Sign: Capricorn
Education: Tufts University, Northwestern University
Criminal charge: Conspiracy, wire fraud, securities fraud, false statements, insider trading, and money laundering
Criminal penalty: Six years, followed by two years of probation
Criminal status: Released December 17, 2011
Spouse(s): Lea Fastow

Andrew Fastow Net Worth

Andrew Fastow was bornon December 22, 1961 in Washington, D.C., USA, United States, is Former CFO of Enron. Andrew Fastow, born as Andrew Stuart Fastow, is a convicted criminal and business executive. He was the chief financial officer of Texas-based energy trading company Enron Corporation until he was expelled by the company shortly before it declared bankruptcy. He was one of the major figures behind the company’s “web of off-balance-sheet special purpose entities.” By illegally maintaining individual stakes in these independent ghost-entities, Fastow defrauded the company out of tens of millions of dollars. As a result, he was charged of conspiracy, wire fraud, money laundering, false statements, securities fraud, and insider trading and was sentenced to six years in jail. He completed his jail term in 2011. Fastow, who has become a speaker today, has addressed several organizations after his release. He once spoke at the University of Colorado Boulder Leeds School of Business and at Miami University in Oxford on business ethics. He has also addressed the students of the University of Minnesota, University of St. Thomas, University of Houston Bauer College of Business, University of Texas, University of Missouri School of Accounting, and University of Southern California's Leventhal School of Accounting, to name a few.
Andrew Fastow is a member of Fraudsters

💰 Net worth: $1.5 Million

Some Andrew Fastow images

Biography/Timeline

1983

Fastow graduated from Tufts University in 1983 with a B.A. in Economics and Chinese. While there, he met his Future wife, Lea Weingarten, daughter of Miriam Hadar Weingarten (a former Miss Israel 1958), whom he married in 1984. Fastow and Weingarten both earned MBAs at Northwestern University and worked for Continental Illinois National Bank and Trust Company in Chicago. Both he and his wife attended Congregation Or Ami, a conservative synagogue in Houston where he taught Hebrew School.

1984

While at Continental Illinois, Fastow worked on the newly emerging "asset-backed securities". The practice spread across the industry "because it provides an obvious advantage for a bank", noted the Chicago Tribune. "It moves assets off the bank's balance sheet while creating revenue." In 1984, Continental became the largest U.S. bank to fail in American history until the seizure of Washington Mutual in 2008.

1990

Deregulation in the US Energy markets in the late 1990s provided Enron with trade opportunities, including buying Energy from cheap producers and selling it at markets with floating prices. Andrew Fastow was familiar with the market and knowledgeable in how to play it in Enron's favor. This quickly drew the attention of then chief executive officer of Enron Finance Corp Jeffrey Skilling. Skilling, together with Enron founder Kenneth Lay, was constantly concerned with various ways in which he could keep company stock price up, in spite of the true financial condition of the company.

2002

On October 31, 2002, Fastow was indicted by a federal grand jury in Houston, Texas on 78 counts including fraud, money laundering, and conspiracy. On January 14, 2004, he pleaded guilty to two counts of wire and securities fraud, and agreed to serve a ten-year prison sentence. He also agreed to become an informant and cooperate with federal authorities in the prosecutions of other former Enron executives in order to receive a reduced sentence.

2003

Also in 2003, Bethany McLean and Peter Elkind wrote the book The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron ISBN 1-59184-008-2. In 2005, the book was made into a documentary film Enron: The Smartest Guys in the Room.

2004

On May 6, 2004, his wife, Lea Fastow, a former Enron assistant treasurer, pleaded guilty to a tax charge and was sentenced to one year in a federal prison in Houston, and an additional year of supervised release. She was released to a halfway house on July 8, 2005.

2005

In 2005, Kurt Eichenwald's Conspiracy of Fools features Fastow as the book's antagonist.

2011

Prosecutors were so impressed with his performance that they ultimately lobbied for an even shorter sentence for Fastow. He was finally sentenced to six years at Oakdale Federal Correctional Complex in Oakdale, Louisiana. On May 18, 2011, Fastow was released to a Houston halfway house for the remainder of his sentence.

2017

After entering into a plea agreement with a maximum penalty of 10 years in prison and the forfeiture of US$23.8 million in family assets, on September 26, 2006, Fastow was sentenced to six years, followed by two years of probation. U.S. District Judge Ken Hoyt believed Fastow deserved leniency for his cooperation with the prosecution in several civil and Criminal trials involving former Enron employees. Hoyt recommended that Fastow's sentence be served at the low-security Federal Correctional Institution in Bastrop, Texas. Fastow was incarcerated at the Federal Prison Camp near Pollock, Louisiana. Soon after his release on December 16, 2011, he began working as a document review clerk for a law firm in Houston. In March 2012, Fastow spoke on ethics to students at the University of Colorado Boulder Leeds School of Business. In June 2013, Fastow addressed more than 2,000 anti-fraud professionals at the Association of Certified Fraud Examiners' 24th Annual ACFE Global Fraud Conference. In April 2014, Fastow spoke at Miami University in Oxford, Ohio, regarding Business ethics. In February 2015, he spoke at the University of St. Thomas, the University of Minnesota, the University of Texas (Austin campus), the University of Houston Bauer College of Business, the University of Southern California's Leventhal School of Accounting, and the University of Missouri School of Accounting. In April 2016, March 2017, and March 2018 Fastow spoke at the Ivey Business School. The University of Tampa's Center for Ethics hosted Mr. Fastow in October of 2017. . April 11, 2018 he spoke at Fresno State in California.

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