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Accountant Admits False Enron Numbers

Accountant Admits False Enron Numbers

by Rick Turoczy on February 27, 2006

The former top accountant for Enron Corp.’s profitable trading division said Monday that he improperly raided reserves to increase earnings in mid-2000 when he understood that former Chief Executive Jeffrey Skilling and other superiors wanted results that would wow Wall Street.

Wesley H. Colwell kicked off the fifth week of the fraud and conspiracy trial of Skilling and Enron founder Kenneth Lay, telling jurors he helped the company fraudulently manipulate earnings to meet or beat analysts’ expectations by dipping into reserves when Enron needed an income boost that business operations didn’t provide.

Colwell didn’t say Skilling ordered him to plunder reserves to boost earnings.

Accountant Admits False Enron Numbers

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