Enron Execs. Convicted of Fraud and Conspiracy

Live forum: http://forum.freeipodguide.com/viewtopic.php?t=39969

ajasax

25-05-2006 09:39:42

arrow [u2902aa1535]Link[/u2902aa1535][=http//quote.bloomberg.com/apps/news?pid=10000006&sid=avql4Efb7_M4&refer=home][u2902aa1535]Link[/u2902aa1535]
[quote2902aa1535]Lay, 64, and Skilling, 52, face at least 25 years each in prison after being convicted of using off-the-books partnerships to manipulate Enron's finances. Skilling faces additional jail time over his conviction for using inside information to sell Enron stock. Lay was also convicted on bank fraud charges after a trial that U.S. District Judge Sim Lake held without a jury while the panel in the main case deliberated. [/quote2902aa1535]

good2speed

25-05-2006 10:08:54

I guess justice served.

cyberpunk243

25-05-2006 11:31:32

I drove by the courthouse just to see all the people but it was kind of hard to see. Glad to see them get what they deserved, or at least what is legally possible. Now they will probably go to some white collar/Martha Stewart prison for a long time.

KeithA

05-07-2006 07:19:04

CNN is reporting that Ken Lay is dead...

Not sure whether it was suicide.

Godrockdj

05-07-2006 07:42:10

[quote021f8bcfb1="KeithA"]CNN is reporting that Ken Lay is dead...

Not sure whether it was suicide.[/quote021f8bcfb1]

Wow you're right!

From CNN [quote021f8bcfb1]NEW YORK (CNNMoney.com) -- Enron founder Kenneth Lay died early Wednesday in Aspen, Colo., a family spokeswoman said.

Lay, 64, was awaiting sentencing after being found guilty of conspiracy and fraud in the Enron trial in May.
ken_lay_apr25.ap.03.jpg
ken_lay_timeline_rev.gif

In a statement, spokeswoman Kelly Kimberly said, "The Lays have a very large family with whom they need to communicate, and out of respect for the family we will release further details at a later time."

CNN affiliate KPRC in Houston said Lay was admitted to the Aspen Valley Hospital overnight with a massive coronary.

On May 25, Lay was found guilty of 10 counts of fraud and conspiracy related to the collapse of Enron, the energy company he founded that eventually grew into the nation's seventh largest company before it imploded after an accounting scandal.

It was an astounding fall from grace for the Houston businessman who was once nicknamed "Kenny Boy" by President Bush. Lay had raised funds for Bush earlier in his political career.

In the Enron trial, Lay was accused of lying to investors and Wall Street about the health of Enron in late 2001 even as he enriched himself by selling millions of dollars in stock.

Lay was scheduled for sentencing on Oct. 23 along with Enron's former chief executive Jeffrey Skilling, who was found guilty of conspiracy, fraud, making false statements and insider trading.

Both men faced 25 to 40 years behind bars, legal experts said.

Presiding Judge Sim Lake originally scheduled sentencing for Sept. 11.

Enron filed for bankruptcy in December 2001 after investigators found it had used partnerships to conceal more than $1 billion in debt and inflate profits. Enron's downfall cost 4,000 employees their jobs and many of them their life savings, and led to billions of dollars of losses for investors.

The collapse was the first of the high-profile corporate scandals that later rocked WorldCom, Global Crossing, Adelphia and Tyco.

The wave of fraud led to the passage of the Sarbanes-Oxley legislation meant to tighten oversight of how American companies were audited.[/quote021f8bcfb1]

cyberpunk243

05-07-2006 08:58:18

Crazy. After all that money and time spent on the trial.

chillywilly

05-07-2006 09:19:53

It al falls on Jeff Skilling now. We'll see how much time he gets when they sentence in October.

Sad that Lay didn't get to serve his time.

junkie06

05-07-2006 11:24:36

im sure he will get his sentence reduced....he has big money

Vector

05-07-2006 11:27:04

[quote0fa97a89ed="junkie06"]im sure he will get his sentence reduced....he has big money[/quote0fa97a89ed]


DONT FORGET HIS BIG COJONES!

Psyc

05-07-2006 12:49:59

Uhh, I think I heard one of them died of a heart attack today. lol Was it this guy?

Gooogler

05-07-2006 14:48:37

http//forum.freeipodguide.com/smilies_mod/upload/f1c359831cb9bc2d968e00f2554a4e20.gif[" alt=""/imgff18d3748e]

tylerc

05-07-2006 16:07:26

[quote112af24bb6="Gooogler"]http//forum.freeipodguide.com/smilies_mod/upload/f1c359831cb9bc2d968e00f2554a4e20.gif[" alt=""/img112af24bb6][/quote112af24bb6]

Worthless post.

liquidskin

05-07-2006 17:13:21

[quote23cfe5bec0="Psyc"]Uhh, I think I heard one of them died of a heart attack today. lol Was it this guy?[/quote23cfe5bec0]


yeah.

may he rot in hell for all of eternity. evil