Risk Management

Enron Prison Terms: First In, First Out

Former treasurer Ben Glisan Jr. pleaded guilty in September 2003 and was immediately sentenced to a federal minimum-security prison.
Stephen TaubJanuary 19, 2007

The first Enron executive to be sent to prison, former treasurer Ben Glisan Jr., was expected to complete his confinement on Friday, according to published accounts.

In September 2003, Glisan pleaded guilty to a single count of criminal conspiracy and was immediately sentenced to five years in a federal minimum-security prison. Glisan spent time at two Texas prisons, in Bastrop (the new address of former Enron chief accountant Richard Causey) and in Beaumont; since last September he has been confined to his home.

Glisan also forfeited $938,000 in profits from an illegal transaction involving one of Enron’s off-balance-sheet partnerships and agreed not to seek $412,000 in income taxes he paid on that sum.

Glisan, now 41, was able to cut about 20 months from his sentence through good behavior and completion of a prison alcohol program, reported Bloomberg. The Associated Press noted that he will remain on probation once he is permitted to leave home, but said his lawyer would not elaborate on the arrangement.

Glisan testified at the trials of several former Enron executives, including the company’s late founder, Kenneth Lay, and former chief executive officer Jeffrey Skilling.

Skilling began his 24-year sentence earlier this month, noted Bloomberg; Causey’s 5½-year term also began this year. Two other former Enron executives report to prison this month, the wire service added: head of investor relations Mark Koenig, who was sentenced to 18 months, and Michael Kopper, managing director of Enron Global Finance, who was sentenced to 37 months.