CNNMoney reports that Enron former chief executive Jeffrey Skilling and founder Kenneth Lay were found guilty Thursday of conspiracy and fraud in the granddaddy of all corporate fraud cases.
Skilling was found guilty on 19 counts of conspiracy, fraud, false statements and insider trading. He was found not guilty on eight counts of insider trading.
Lay was found guilty on all six counts of conspiracy and fraud.
In a separate bench trial, Judge Sim Lake ruled Lay was guilty of four counts of fraud and false statements.
Both Lay and Skilling could face 20 to 30 years in prison, legal experts say.
…
Enron's bankruptcy, the biggest in U.S. history when it was filed in December 2001, cost 4,000 employees their jobs and many of them their life savings. Investors lost billions.
via Paul Kiel at TPM Muckraker
More articles by Brian Zick
FBI Director Mueller Contradicts Gonzales
Brian Zick
Democrats Request Special Counsel Be Appointed to Investigate Perjury Charges Against Gonzales
Brian Zick
Rove and Deputy Jennings Subpoenaed by Senate Judiciary Committee
Brian Zick
Similar articles
FeatureLabor Organizer of the Year
Building Bridges and Erasing Jail Debt: Katherine Passley
The winner of our Labor Organizer of the Year Award co-runs a member-led worker center in Miami for people with criminal records and their families — the first organization of its kind in the country.
Kim Kelly
LaborFeatureRural America
Southern Workers Prepare For An Uphill Battle Under Trump
For too long, the labor movement ignored the South. Today, Southern workers are taking on entrenched racism, right-to-work laws and the incoming Trump administration as they organize for their rights.
Stephen Franklin
ViewpointCulture
Big Back Panic: Fatphobia's Rebrand
Anti-fatness is back with a vengeance so aggressive it puts 1990s “heroin chic” to shame.
Tee Noir
