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Former Enron Exec Tells Of Looting

The first jury trial of Enron execs is underway in Houston. The government's star witness so far is a former Enron exec who told the jury how he and others, including former Enron CFO Andrew Fastow, pillaged the company coffers:

Former Enron executive Michael Kopper spent much of Monday telling a jury about how he and others systematically looted Enron, concocting scheme after scheme to line their pockets with millions of dollars stolen from shareholders.

Kopper, 39, calmly and thoughtfully explained that in 1997 he and ex-Chief Financial Officer Andrew Fastow started to divert funds to themselves, family and friends by breaking laws, breaking internal rules, lying, manipulating and standing in the middle of deals.

So what was Kopper's role?

Kopper, who has pleaded guilty in 2002 to two counts of conspiracy, admitted he and his partner William Dodson stole about $16.5 million from Enron between 1997 and 2001. He said he helped loot about $45 million for Fastow and his family as well. And other friends got anywhere from $60,000 to $1 million, some after investing, others just because Fastow and Kopper wanted to pay them something.

What is Kopper going to get for his testimony? He's hoping for probation.

Kopper agreed with Dan Cogdell, lawyer for Enron defendant Sheila Kahanek, that if he had not entered into a plea bargain with the government he could have faced a life sentence for all his crimes. But Kopper said he hopes he might still get a probated sentence, despite the 15-year maximum he faces on his two charges.

Financially, Kopper isn't hurting either:

Kopper said he now has a job at a health clinic, is living in a house worth up to $2 million owned by his partner Dodson, just bought a new home worth $380,000, has a 401(k) worth about $300,000, $100,000 in other assets and could possibly get back some of the $500,000 he has on account with his lawyers.

Former Enron CEO Jeffrey Skilling is one of those on trial.

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