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Subject: Enron's Lay, Skilling face life terms Author: Wheres_my_enron_stock [ Next Thread | Previous Thread | Next Message | Previous Message ] Date Posted: 19:35:00 05/26/06 Fri Enron's Lay, Skilling face life terms AP[ SATURDAY, MAY 27, 2006 12:00:48 AM] HOUSTON: Kenneth Lay and Jeffrey Skilling were known as visionaries, hands-on executives, corporate titans directing the high-flying ship at Wall Street darling Enron Corp. Add another title: convicted felons. “Certainly we’re surprised,” a shaken Lay said on Thursday after a jury capped a four-month-long fraud and conspiracy trial and in its sixth day of deliberations returned guilty verdicts against him and Skilling. “I think it’s more appropriate to say we’re shocked. This is not the outcome we expected.” Besides all six counts in the main trial, Lay, Enron’s founder, was convicted of four charges of bank fraud and making false statements to banks in a separate non-jury trial before US District Judge Sim Lake related to his personal finances. Skilling was convicted of 19 counts of fraud, conspiracy and insider trading at a trial spawned by one of the biggest business scandals in US history, the toppling of a high-profile energy trader. “Obviously, I’m disappointed,” Skilling, former Enron CEO said. “But that’s the way the system works.” Lake set September 11 as sentencing date for Skilling and Lay. Legal experts predicted another fierce courtroom battle over the duration of prison time. Skilling is convicted of 19 counts of fraud, conspiracy and insider trading at a trial spawned by one of the biggest business scandals in US history, the toppling of a high-profile energy trader. Skilling faces a maximum of 185 years in prison. For Lay, the fraud and conspiracy convictions carry a combined maximum punishment of 45 years. The bank fraud case adds 120 years, 30 years on each of the four counts. “They’re both facing 20-plus years,” said Kirby Behre, a former federal prosecutor who wrote the white-collar sentencing guide. “You do 20 years, and that’s entirely conceivable, you’re looking at life. And people don’t age well in prison... Lay may catch a break, but Skilling doesn’t have that. He’s looking well north of 20 years.” http://economictimes.indiatimes.com/articleshow/1577105.cms [ Next Thread | Previous Thread | Next Message | Previous Message ]