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BREAKING: Ken Lay Indicted, Will Surrender to FBI
Wed Jul 7, 2004 18:52
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BREAKING: Ken Lay Indicted, Will Surrender to FBI

http://www.truthout.org/docs_04/070804Z.shtml

Enron's Lay Indicted
CNN/Money

Tuesday 07 July 2004

Former Enron CEO indicted by grand jury in Houston, source says.

New York - Former Enron Chairman and CEO Kenneth Lay has been indicted by a grand jury in Houston, a person close to the investigation told CNNfn Wednesday.

But the person said that the indictment remains under seal. An announcement could come Thursday. The Justice Department declined to comment.

Enron filed for bankruptcy Dec. 2, 2001, the biggest filing at the time, after investigators found it had used partnerships to conceal more than $1 billion in debt and inflate profits. The company once ranked as the country's seventh-largest.

Several former Enron executives, including former Chief Financial Officer Andrew Fastow, have pleaded guilty to charges and agreed to cooperate with the government. Fastow was sentenced to 10 years in prison.

Former CEO Jeffrey Skilling pleaded not guilty this year to fraud, insider trading and lying about Enron's finances.

Lay, 62, guided Enron for years, shaping the once-obscure pipeline company into a world-leading energy trading concern.

The Houston-based company's collapse was the first of several high-profit scandals at some of the country's top corporations, among them WorldCom, Global Crossing, Adelphia Communications and Tyco International.

Lay's indictment follows the filing of criminal charges against other former high-flying executives, including Bernard Ebbers of WorldCom and Richard Scrushy of HealthSouth.

To date the federal government has launched 30 separate prosecutions related to Enron's implosion, including a criminal case that brought down company auditor Arthur Andersen two years ago and criminal probes of about 20 former Enron employees. Of those, 11 have resulted in convictions and guilty pleas.

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