Thursday, May 25, 2006
BREAKING NEWS - Jury finds Lay, Skilling guilty in Enron fraud case
Joshua Pantesco at 12:08 PM ET
[JURIST] CNN is reporting that the jury in the 16-week criminal fraud and conspiracy case against Kenneth Lay and Jeffrey Skilling [Houston Chronicle profiles] has found both defendants guilty. Lay and Skilling were charged [final redacted indictment, PDF] with multiple counts of fraud and criminal conspiracy for providing investors with false and misleading financial information from 1999 up until Enron filed bankruptcy in late 2001, but the defense remained steadfast throughout the trial in their complete denial of guilt. Jury deliberations began six days ago [JURIST report] after the judge agreed to lower the standard of proof [JURIST report] usually employed in fraud trials so that Lay and Skilling could potentially be convicted of "deliberate ignorance." Read part 1 [PDF] and part 2 [PDF] of the jury instructions and the verdict form [PDF].
Skilling faces 28 counts of fraud, conspiracy, insider trading and lying to auditors and a maximum of 275 years in prison [PDF document] if convicted on all counts. Lay faces six counts of fraud and conspiracy with a combined maximum punishment of 45 years [PDF document]. Lay is also defending himself in a related bench trial against charges that he violated loan promises when he borrowed $75 million and used some of the money to buy Enron stock.
NOW! If only the California energy rate payers, including "Granny Millie", could get back every DIME they overpayed, including interest, and pain and suffering (for the so-called blackouts.)
I just wonder, after all is said and done, however. if we'll see KENNY BOY skiing in Aspen in a few years, just like good ol' Mike Milken.
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