Quantcast

Texas judge delays Enron’s Lay, Skilling sentencing

June 18, 2006

HOUSTON (Reuters) – A federal judge has delayed sentencing
for former Enron Corp. Chief Executives Ken Lay and Jeffrey
Skilling, who were convicted last month of fraud and conspiracy
in the company’s collapse.

In court documents filed late Friday, U.S. District Judge
Sim Lake agreed to a motion by the defense teams to delay
sentencing for the former Enron chiefs to October 23 from
September 11.

Lay, 64, and Skilling, 52, were found guilty at trial of
hiding the financial problems at Enron, once the nation’s
seventh-largest company, which collapsed into bankruptcy in
December 2001.

Lay, 64, was convicted of six counts of conspiracy and
fraud and faces a maximum of 45 years in prison. Four other
charges of bank fraud carry a maximum of 120 years in prison,
but Lay is unlikely to be sentenced to more than six months for
those counts because no financial damages occurred.

Skilling, 52, was found guilty of 19 counts of conspiracy,
fraud, insider trading and making false statements, which
combined, carry a maximum sentence of 185 years. He was not
convicted of nine counts of insider trading.

Judge Lake is considering a motion by Skilling’s lawyers to
allow him access to $60 million in assets that were frozen by
the government.


Source: reuters



comments powered by Disqus