The jury in the fraud trial of former Enron bosses Ken Lay and Jeff Skilling
has still not reached a verdict after four days of deliberations.
Lay and Skilling face between 20 and 30 years in federal prison if convicted
on fraud and conspiracy charges.
Both say other staff were to blame for the company’s demise – in
particurlar, convicted former chief financial officer Andrew Fastow – and
maintained throughout their trial that they were kept in the dark about his
At the same time Lay’s personal trial on bank fraud charges has begun. He is
accused of obtaining bank loans and then not honouring an agreement not to use
the money to buy shares. The four bank fraud charges carry penalties of up to 30
On the witness stand, Lay said he ‘could not recall’ anyone telling him he
was not complying with the agreements, despite his former banker testifying
earlier that the rules had been clearly explained to him.
The case is being heard by a judge who will not give his ruling until a
verdict has been reached by the jury in the Enron case.
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