Andrew Fastow, Enron Corp.’s disgraced former CFO, was “likely” to be indicted on fraud and other criminal charges by a Houston federal grand jury on Wednesday, according to Reuters, which cited unnamed sources. The prosecution had 30 days after it charged Fastow to issue an indictment, and the deadline is Thursday.

Fastow, 40, was charged in early October, and in addition to fraud, he also faces charges of laundering money and conspiring to divert millions of dollars for his own profit (see Daily GPI, Oct. 3). Sources said that the indictment would “mirror the initial charges…that also included securities, wire and mail fraud.” The U.S. government also planned to require Fastow forfeit about $37 million of his assets. He remained free on a $5 million bond agreement Wednesday morning.

Fastow is one of three ex-Enron employees charged in the U.S. Justice Department’s probe of the company’s collapse last year. Michael Kopper, who worked under Fastow as a global finance executive in Houston, pleaded guilty to twin counts of felony conspiracy to commit wire fraud and money laundering in August, and he is cooperating with prosecutors (see Daily GPI, Aug.22). Kopper is scheduled to be sentenced on April 4, 2003.

Timothy N. Belden, former chief energy trading for Enron’s West Power Trading Division in Portland, OR, pleaded guilty in mid-October to conspiracy to commit wire fraud to artificially inflate California energy prices (see Daily GPI, Oct. 18). Belden also is cooperating with authorities.

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