Enron's Lay to be indicted.
Find a Conversation
| Sun, 06-20-2004 - 11:59am |
It's about time!
http://www.theaustralian.news.com.au/common/story_page/0,5744,9904253%255E643,00.html
ENRON founder Kenneth Lay could be indicted this month on charges stemming from the energy trader's 2001 collapse, sources close to the case said yesterday.
They said federal prosecutors were aggressively pursuing the former chairman, and witnesses with information about him had recently testified before a special grand jury probing the December 2001 collapse.
Barring any delays, federal prosecutors aimed to seek an indictment before July 4, the sources said.
It is unclear what charges will be filed against Mr Lay, a friend and contributor to US President George W. Bush. But sources said any indictment would include conspiracy charges for helping to hide Enron's true financial condition.
Former Enron CEO Jeffrey Skilling and top accountant Richard Causey are awaiting trial on charges of conspiracy, fraud and insider trading.
Mr Lay's lawyer, Michael Ramsey, said he would ask to meet the Justice Department's Enron task force this week.
"I feel very confident that Ken Lay did not commit a crime," Mr Ramsey said. (Me:
)
Justice Department spokesman Bryan Sierra declined to comment.
The sources said prosecutors were probably focusing on Mr Lay's actions and statements when he resumed as CEO upon Mr Skilling's abrupt resignation in mid-August 2001.
Days after Mr Skilling's resignation, Mr Lay privately met Sherron Watkins, then an executive on Enron finance chief Andrew Fastow's staff, who had sent him a lengthy memo warning of impending doom from Mr Fastow's schemes.
Mr Ramsey said that Mr Lay took over as CEO "with one purpose – to cure any problems that might exist, and to bring the morale of the company back up to where it should be".
Speculation about possible criminal charges against Mr Lay intensified after Mr Fastow pleaded guilty in January to two counts of conspiracy and became the most senior former Enron executive to become a co-operating witness for the government.
Mr Fastow admitted to scheming to manipulate Enron's books by hiding debt and inflating profits.


Pages
Power, corrupting people.
They keep uncovering more & more 'deals' he's been making.
It amazes me how little time white collar criminals serve. I can understand someone without an education or job skills doing something illegal
Rowland probably thought he could get away with all of what he did because he was Governor.
The worst part about it was that Rowland was a decent Governor until all this garbage came out.
"The worst part about it was that Rowland was a decent Governor until all this garbage came out."
He had the veneer of being decent but underneath is the rot.
He sure liked to spend $$$.
Uconn. football field cost the tax payer over 70 mil. the land was donated United Technologies.
The Riverside Recapture in
YES!!!!
About time!
This is exactly what I was thinking. He has to go to trial, but it shall be interesting how much time he gets. He is only being tried for the four months before company collapse, so I doubt he will get more than a few months if that. Then home to a lavish life.
Pages