Former Enron exec settles fraud charges with SEC for $300,000

[JURIST] A former Enron [JURIST Hot Topic] assistant treasurer reached an agreement with the Securities and Exchange Commission [official website] to settle civil fraud charges stemming from the corporation's collapse for $300,000, the SEC announced Tuesday. Timothy DeSpain served with the corporation from 1999 to 2002 during which time Enron failed to disclose $5 billion in debt. DeSpain will also be barred from serving as a director or officer of a public company under the settlement. In October 2004, DeSpain pleaded guilty [DOJ press release] to criminal fraud charges. Former Enron CFO Raymond Bowen also reached a settlement [Houston Chronicle report] with the SEC Monday for $500,000. Bowen has not been criminally charged in the case. Reuters has more.



 

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