The Justice Department obtained a guilty plea Tuesday from a former junior executive at Enron who admitted lying to Wall Street credit-rating firms about the company's worsening cash flow and debt obligations.
The admission by Timothy Despain, 39, a former assistant treasurer, is likely to help prosecutors press their arguments that former chairman and CEO Kenneth Lay also lied to the credit agencies.
From January 1999 until May 2002, Despain worked for three Enron treasurers. One, Ben Glisan, is serving a five-year prison sentence on related fraud charges.
Despain faces up to five years in prison under a plea agreement with prosecutors that grants him immunity from charges for any other criminal activity at Enron.
http://www.usatoday.com/money/industries/energy/2004-10-05-enron_x.htm
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