Former Enron exec settles fraud charges with SEC for $300,000 Chris Buell at 4:31 PM ET
[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.
Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible, ad-free format.