Gold9472
05-25-2006, 12:17 PM
Lay, Skilling found guilty at Enron trial
Former CEOs convicted of securities, wire fraud
http://www.msnbc.msn.com/id/12968481/
Updated: 6 minutes ago
HOUSTON - Enron Corp. founder Kenneth Lay has been convicted of all six counts against him, and former CEO Jeffrey Skilling was convicted of conspiracy to commit securities and wire fraud, in one of the biggest business scandals in U.S. history.
By the end of the day Wednesday, the panel had deliberated for about 31 hours over five days in the blockbuster criminal case to emerge from the company’s collapse.
On Wednesday, the jury sent a note to U.S. District Judge Sim Lake asking whether it was possible to see transcripts of testimony. The judge asked the panel to be more specific, and the issue didn’t come up again.
Skilling faced 28 counts of fraud, conspiracy, insider trading and lying to auditors, and a maximum of 275 years in prison if convicted on all counts. Lay faced six counts of fraud and conspiracy, with a combined maximum punishment of 45 years.
Both were accused of repeatedly lying to investors and employees about Enron’s health before its December 2001 collapse into bankruptcy proceedings, when they allegedly knew accounting tricks masked losses and failing ventures.
The defendants denied any wrongdoing and attribute Enron’s failure to bad publicity and lost market confidence.
Lay also is awaiting a verdict in a bank fraud case that was tried before Lake without a jury during the first three full days of deliberations in the conspiracy case.
Lake has said he will announce his verdict in the bank case after the conspiracy jury renders its decision. Lay faces one count of bank fraud and three counts of making false statements to banks regarding his use of personal loans to buy stock. Each count carries a maximum penalty of 30 years in prison.
Former CEOs convicted of securities, wire fraud
http://www.msnbc.msn.com/id/12968481/
Updated: 6 minutes ago
HOUSTON - Enron Corp. founder Kenneth Lay has been convicted of all six counts against him, and former CEO Jeffrey Skilling was convicted of conspiracy to commit securities and wire fraud, in one of the biggest business scandals in U.S. history.
By the end of the day Wednesday, the panel had deliberated for about 31 hours over five days in the blockbuster criminal case to emerge from the company’s collapse.
On Wednesday, the jury sent a note to U.S. District Judge Sim Lake asking whether it was possible to see transcripts of testimony. The judge asked the panel to be more specific, and the issue didn’t come up again.
Skilling faced 28 counts of fraud, conspiracy, insider trading and lying to auditors, and a maximum of 275 years in prison if convicted on all counts. Lay faced six counts of fraud and conspiracy, with a combined maximum punishment of 45 years.
Both were accused of repeatedly lying to investors and employees about Enron’s health before its December 2001 collapse into bankruptcy proceedings, when they allegedly knew accounting tricks masked losses and failing ventures.
The defendants denied any wrongdoing and attribute Enron’s failure to bad publicity and lost market confidence.
Lay also is awaiting a verdict in a bank fraud case that was tried before Lake without a jury during the first three full days of deliberations in the conspiracy case.
Lake has said he will announce his verdict in the bank case after the conspiracy jury renders its decision. Lay faces one count of bank fraud and three counts of making false statements to banks regarding his use of personal loans to buy stock. Each count carries a maximum penalty of 30 years in prison.