Ex-Enron Accountant Charged

WASHINGTON -- The Securities and Exchange Commission said Thursday that it charged the former chief accounting officer of Enron North America with securities fraud and he agreed to pay $500,000 in a settlement, Reuters reported.

Wesley Colwell, without admitting or denying wrongdoing, agreed to be barred from serving as officer or director of a public company and to pay $200,000 in penalties and $300,000 in disgorgement, the SEC said.

"As part of this settlement, Colwell will continue to cooperate with ongoing investigations into Enron Corp. by the Securities and Exchange Commission and the U.S. Department of Justice Enron Task Force," the SEC said.

Enron North America was a unit of Enron, once the seventh-largest U.S. company. Its bankruptcy in late 2001 was the first in a series of corporate scandals that rocked U.S. markets. The company's downfall is still under investigation.

-- NYSSCPA.org News Staff

Posted on 10/10/03