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Ben Glisan
Former Enron Treasurer convicted of conspiracy to commit wire and securities fraud; first Enron executive imprisoned
Former Treasurer, Enron Corporation
Overview
Ben F. Glisan Jr. served as Treasurer of Enron Corporation and was directly involved in structuring the off-balance-sheet transactions that concealed billions in debt from investors. Working under CFO Andrew Fastow, Glisan helped design and execute several of the Special Purpose Entities (SPEs) central to the Enron fraud, including participating in the Southampton Place partnership that generated illicit profits for insiders. Glisan personally invested $5,800 in Southampton Place and received a return of $1 million within weeks. When the Enron Task Force prosecutors closed in, Glisan pleaded guilty to a single count of conspiracy to commit wire and securities fraud on September 10, 2003. In an unusual move, he waived his right to remain free pending sentencing and was immediately taken into custody at the plea hearing, making him the first Enron executive to go to prison. He was sentenced to 5 years in federal prison. His early cooperation provided prosecutors with critical inside information about the SPE transactions, though he was less cooperative than other witnesses and refused to testify at the Lay/Skilling trial.
Key Affiliations
Controversies & Concerns
Invested $5,800 in the Southampton Place partnership (an insider fund connected to Fastow SPEs) and received a return of approximately $1 million within weeks, an astronomical and fraudulent return.
Helped structure off-balance-sheet SPE transactions including Raptor hedging vehicles designed to hide losses and inflate earnings. His knowledge of the mechanics of the fraud was central to the prosecution case.
Pleaded guilty on September 10, 2003, and immediately went to prison, waiving his right to remain free pending sentencing. First Enron executive incarcerated.
Declined to testify at the Lay/Skilling trial despite his insider knowledge, limiting his value as a cooperator compared to Fastow and other witnesses.
Related Investigations (1)
Criminal Charges & Violations
1 documented violations
convictedConspiracy to Commit Wire and Securities Fraud (18 U.S.C. 371)(2003-09-10)
Known Associates & Connections
Andrew Fastow
Enron CFO and Glisan direct superior who designed the SPE fraud architecture
Jeffrey Skilling
Enron CEO and President during the fraud period
Michael Kopper
Fellow Fastow lieutenant who managed Chewco and other SPEs
Sources & Documentation
2 documented sources from official records, investigations, and reports
Personal Information
- Also Known As
- Ben F. Glisan Jr.
Education
- •University of Texas at Austin (BBA, Accounting)
- •University of Texas at Austin (MBA)
Key Timeline
2000
Promoted to Treasurer of Enron Corporation, reporting to CFO Andrew Fastow
2001
Participated in structuring Raptor and other SPE transactions that hid billions in Enron losses
2001-12-02
Enron files for bankruptcy. Glisan among executives under investigation by Enron Task Force.
2003-09-10
Pleads guilty to conspiracy to commit wire and securities fraud. Waives right to remain free and is immediately taken into custody, becoming first Enron executive imprisoned.
2003-09-10
Sentenced to 5 years in federal prison