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Lay, Skilling Convicted in Enron Collapse

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Posted on May 25, 2006

The “smartest guys in the room” weren’t smart enough to avoid conviction on securities and wire fraud conspiracy charges in one of the biggest business scandals in U.S. history. After six days of deliberation, the jury rejected Ken Lay’s and Jeff Skilling’s testimony as lies.


AP:

HOUSTON - Former Enron Corp. chiefs Kenneth Lay and Jeffrey Skilling were convicted Thursday of conspiracy to commit securities and wire fraud in one of the biggest business scandals in U.S. history.

The verdict put the blame for the 2001 demise of the high-profile energy trader, once the nation’s seventh-largest company, squarely on its top two executives. It came in the sixth day of deliberations following a federal criminal trial that lasted nearly four months.

Lay was also convicted of bank fraud and making false statements to banks in a separate, non-jury trial before U.S. District Judge Sim Lake related to Lay’s personal banking.

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By Dennis Lazof, May 26, 2006 at 10:49 am Link to this comment
(Unregistered commenter)

Why are Lay and Skilling not in custody following their conviction?  Aren’t they supposed to be sent to jail right from a conviction?  Why are they still giving interviews to the press in their $1000 suits?  Bring on the orange jumpsuits, NOW!

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