A former assistant treasurer for Enron Corp. on Friday received four years probation, four months home confinement, a $10,000 fine and was ordered to do 300 hours of community service work for his misdeeds while working at the now-defunct company.

Timothy DeSpain, 41, had pleaded guilty in 2004 to one count of conspiracy to commit securities fraud and had agreed to cooperate with the Enron Task Force (see Daily GPI, Oct. 7, 2004). His plea agreement stated that between 1999 and May 2001, DeSpain falsely represented the company’s true financial condition to credit ratings agencies.

DeSpain also had agreed to a $300,000 fine in February 2005 to settle a related civil case by the Securities and Exchange Commission. That fine was waived because of DeSpain’s inability to pay it.

Enron Task Force Director Sean Berkowitz said DeSpain had been helpful in building other Enron cases. “There does seem to be a lot of good in Mr. DeSpain along with his poor judgment,” said Berkowitz.

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