Former Exec at Enron Settles SEC Charges
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A former assistant treasurer of Enron Corp. has agreed to pay $300,000 to settle civil fraud charges related to the company’s collapse, the Securities and Exchange Commission said.
Timothy DeSpain pleaded guilty in October to related federal criminal conspiracy charges.
According to the SEC complaint and DeSpain’s agreement with federal prosecutors, he admitted to conspiring with other Enron executives to manipulate the company’s credit rating.
During the period DeSpain served as assistant treasurer, Enron failed to disclose $5 billion in obligations, the SEC said.
DeSpain’s attorney did not immediately return a call seeking comment on the settlement.
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