Sentencing for Lay, Skilling in Enron fraud trial delayed

[JURIST] US District Judge Sim Lake has delayed the sentencing of former Enron [JURIST news archive] executives Kenneth Lay and Jeffrey Skilling [Houston Chronicle profiles] until October 23. Lake agreed on Friday to a motion filed by the defense team to delay the sentencing, which was originally scheduled for September 11. Lake is still considering a motion made by Skilling's lawyers to give Skilling access to $60 million in frozen assets.

Lay and Skilling were charged [final redacted indictment, PDF] with multiple counts of fraud and criminal conspiracy for providing investors with false and misleading financial information from 1999 up until Enron filed bankruptcy in late 2001, but the defense remained steadfast throughout the trial in their complete denial of guilt. The jury convicted [JURIST report] Lay on all six fraud and conspiracy counts [verdict slip, PDF], and convicted Skilling of 19 out of 28 securities and wire fraud and insider trading counts [verdict slip, PDF]. He was found not guilty of nine counts of insider trading. Lay faces a maximum of 45 years in prison for conspiracy and fraud, while Skilling faces a maximum sentence of 185 years for his conviction. Reuters has more. The Houston Chronicle has local coverage.

 

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