Wesley H. Colwell
PER
Colwell Wesley H. Colwell
The former chief accountant of Enron's wholesale energy-trading unit, Wesley H. Colwell, testified that in 2000, the company dipped into reserve accounts set up for problem contracts to illegally pad earnings. Mr. Colwell testified that he manipulated earnings on two occasions after receiving directions from Enron corporate officers that they wanted to beat analysts' estimates for each quarter. In both cases, he dipped into a $70 million reserve that had been set aside for a contract settlement with a utility. He and previous witnesses have testified that it is illegal to dip into reserves to achieve earnings targets. He has admitted manipulating earnings and has been fined $500,000 by the Securities and Exchange Commission. He has an agreement with the Justice Department that requires him to testify to avoid criminal prosecution.  Wesley H. Colwell, the former chief accountant of Enron's wholesale energy-trading unit, testified that the company dipped into reserve accounts set up for problem contracts to illegally pad earnings. Colwell also testified that he manipulated earnings on two occasions after receiving directions from Enron corporate officers that they wanted to beat analysts' estimates for each quarter. Testifying in the trial's fifth week, Mr. Colwell said he manipulated earnings on two occasions after receiving directions from Enron corporate officers that they wanted to beat analysts' estimates for each quarter. In both cases, he said, he dipped into a $70 million reserve that had been set aside for a contract settlement with a utility. He said, he dipped into a $70 million reserve that had been set aside for a contract settlement with a utility and also admitted that he manipulated earnings and has been fined $500,000 by the SEC. 