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Andrew Fastow Net Worth, Biography & Wiki 2017
Andrew Stuart Fastow was born on 22 December 1961, in Washington, D.C., USA, and is of Jewish descent. Andrew is a businessman, best known for being the chief financial officer of the energy trading company Enron Corporation, from which he was fired after the company was declared bankrupt leading to a criminal case. However, all of his endeavors have helped put his net worth to where it is today.
How rich is Andrew Fastow? As of early-2017, sources estimate a net worth that is at $500,000, mostly earned through success in business. His wealth has significantly dropped due to the criminal case which revealed that he had defrauded tens of millions of dollars. However, as he continues his career, it is possible that his net worth could increase.
Andrew Fastow Net Worth $500,000
Fastow attended New Providence High School, being part of the student government, and playing in the school band as well as the tennis team. After matriculating, he attended Tufts University graduating in 1983 with a degree in Economics and Chinese, and would then get an MBA at Northwestern University. His net worth kicked-off when he worked at Continental Illinois National Bank and Trust Company, and taught Hebrew at Congregation Or Ami.
During his time at Continental, Andrew worked on the emerging “asset-backed securities” which was starting to spread across the banking industry. Thanks to his work there, he was eventually hired by Enron Finance Corp in 1990; the status of the US energy markets would provide Enron with trade opportunities – they would buy energy from cheap producers and sell it at floating prices. Fastow would soon make his skills known, especially on playing the market. In 1998, he would become the Chief Financial Officer of the company, and designed a web of companies that did business with Enron, but which was also used to hide losses of over $30 billion in their balance sheets, although it appeared that the company was debt free. He had a personal financial stake in the company’s funds and was starting to pressure other companies to invest in his company – the move was effective until Enron declared bankruptcy.
In 2002, Andrew was indicted on 78 counts including conspiracy, money laundering, and fraud. He served a ten year sentence after pleading guilty to two counts of wire and securities fraud. He also became an informant for the authorities in the prosecution of other Enron executives, leading to a reduced sentence of six years. In 2011, he was released to a halfway house to serve the remainder of his sentence.
A lot of books have been written about Fastow and Enron. “24 Days: How Two Wall Street Journal Reporters Uncovered the Lies that Destroyed Faith in Corporate America” was one. Another book was “The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron”. In 2005, the book “Conspiracy of Fools” featured Andrew as an antagonist.
For his personal life, it is known that Andrew has been married to Lea Weingarten since 1984, who he met while attending Tufts University; the two graduated with MBAs together. However, she was also arrested because she was involved with Enron as an assistant treasurer, and served a year sentence in a federal prison and a year of supervised release.