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Kenneth L Lay

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BUSINESS
May 24, 2006 | Thomas S. Mulligan, Times Staff Writer
The sideshow legal proceeding to the 3 1/2 -month Enron Corp. trial wound down Tuesday with company founder Kenneth L. Lay testifying that he had no intention to commit fraud when he violated provisions of a Depression-era banking law. Lay acknowledged his signature on forms explaining the law, known as Regulation U, but added, "I doubt I read in detail any of those loan documents." He portrayed himself as only vaguely familiar with the law.
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BUSINESS
November 16, 2007 | From the Associated Press
A judge says the federal government can proceed with its attempt to seize nearly $13 million from the estate of Enron Corp. founder Kenneth L. Lay. U.S. District Judge Ewing Werlein rejected a request from Lay's widow to halt the government's bid for the money, which prosecutors claim were "proceeds of the fraud proven in the criminal case against Lay." Kenneth Lay had been convicted in May 2006 of 10 counts of fraud, conspiracy and lying to banks in two separate cases.
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BUSINESS
July 9, 2004 | Dana Calvo and David Streitfeld, Special to The Times
Kenneth L. Lay, who built Enron Corp. into the world's largest energy trader, was at the center of a monumental criminal conspiracy to hide the company's deteriorating condition as it sped toward bankruptcy, government prosecutors said Thursday. The man who was Enron's chairman and chief executive for 15 years manipulated earnings, backdated documents, disguised debt, over-valued assets and lied to employees and securities analysts, the government charged in a 65-page indictment.
BUSINESS
November 17, 2006 | From the Associated Press
Two senators hope to end the legal precedent that let Enron Corp. founder Kenneth L. Lay's fraud conviction be cleared from his record after he died. The development has hurt prosecutors' efforts to take $43.5 million in restitution from his estate. Working with the Justice Department, which asked for similar legislation shortly after Lay died in July, Sens. Dianne Feinstein (D-Calif.) and Jeff Sessions (R-Ala.
BUSINESS
February 11, 2002 | RICHARD SIMON, TIMES STAFF WRITER
Former Enron Corp. Chairman and Chief Executive Kenneth L. Lay will refuse to testify Tuesday when he appears before a congressional committee investigating the collapse of the energy trading giant, his spokeswoman said Sunday. ''Under the instruction of counsel, Mr. Lay will exercise his 5th Amendment right at the Tuesday hearing,'' Kelly Kimberly said, declining further comment. The amendment grants constitutional protection against self-incrimination.
BUSINESS
February 5, 2002 | EDMUND SANDERS and RICHARD SIMON, TIMES STAFF WRITERS
Congressional investigators prepared Monday to subpoena former Enron Corp. Chairman Kenneth L. Lay to appear before their panels, while the Justice Department rejected calls for the appointment of an independent counsel to investigate the energy giant's collapse. At a hearing on Capitol Hill, the nation's top securities regulator confirmed his agency postponed a routine review of Enron's financial statements in 2000, in part because Enron appeared to be healthy.
NATIONAL
December 8, 2002 | From Times Wire Reports
Former Enron Corp. Chairman Kenneth L. Lay's family foundation -- which had 90% of its holdings in Enron stock -- cannot meet this year's pledges because its value plummeted from $52 million to $2.4 million last year. The Houston-based foundation has asked charities to let it honor the pledges in the future, Lay's spokeswoman Kelly Kimberly said.
BUSINESS
June 22, 2004 | From Reuters
Former Enron Corp. Chairman Kenneth L. Lay is seeking a meeting with federal prosecutors to discuss reports that he will be indicted within two weeks, his lawyer said. Michael Ramsey, head of Lay's legal team, reiterated his belief that the government had no case against his client.
BUSINESS
April 5, 2005 | From Associated Press
Federal prosecutors moved to put Enron Corp. founder Kenneth L. Lay on trial by this summer for bank fraud charges. In a court filing, prosecutors argued that it would be in the public interest for Lay to be tried soon on charges that he lied to banks about using loans to buy Enron stock on margin. A sweeping conspiracy and fraud case against Lay, former Enron Chief Executive Jeffrey K. Skilling and former top accountant Richard A. Causey is scheduled for January.
BUSINESS
January 20, 2005 | From Bloomberg News
Former Enron Corp. executives Kenneth L. Lay, Jeffrey K. Skilling and Richard A. Causey will stand trial for securities fraud in Houston federal court, a judge ruled, denying a request to move the case. U.S. District Judge Sim Lake rejected a defense request for a change of venue based on claims that potential jurors in Houston, the location of the energy trading company's headquarters, would be biased against them, said Skilling's attorney Dan Petrocelli.
BUSINESS
August 16, 2006 | From the Associated Press
The judge who presided over late Enron Corp. founder Kenneth L. Lay's two criminal trials has paved the way for his lawyers to legally clear his name. In a ruling issued last week and made public Tuesday, U.S. District Judge Sim Lake approved a request to substitute the late company founder's estate for Lay himself in court proceedings so that the entity could act on his behalf.
BUSINESS
July 20, 2006 | From Reuters
Enron's founder Kenneth Lay had severely clogged arteries when he died in Colorado this month while awaiting sentencing for his role in the collapse of the energy company, according to an autopsy report. The autopsy showed that three of Lay's arteries were 90% blocked. The examination was performed by forensic pathologist Robert Kurtzman, who previously told reporters that Lay died of cardiovascular disease. Lay, who was 64, was facing decades in prison. He was due to be sentenced in October.
BUSINESS
May 27, 2006 | Thomas S. Mulligan, Times Staff Writer
Kenneth L. Lay was in no hurry to update his Internet site Friday. The home page, with its red, white and blue piping and its formal portrait of the disgraced Enron Corp. founder, remained a digital time capsule of the moment when the verdict was still pending, when Lay could still spit defiance at the government's attacks on his character, when he could still write: "We firmly believe that the jury will see through this."
BUSINESS
May 26, 2006 | Thomas S. Mulligan, Times Staff Writer
Handing the government its biggest victory in its war on corporate corruption, a federal jury Thursday found former Enron Corp. executives Kenneth L. Lay and Jeffrey K. Skilling guilty of conspiracy and fraud in connection with the 2001 collapse of the onetime energy trading giant. Jurors said they rejected the defense that there was no crime at Enron -- that Lay and Skilling were unfairly targeted by a government bent on making them the scapegoats for their company's failure.
BUSINESS
May 26, 2006 | James S. Granelli, Times Staff Writer
Daniel M. Petrocelli tried unsuccessfully to secure an acquittal for Enron Corp. Chief Executive Jeffrey K. Skilling. Now, he plans to focus on preventing the government from seizing Skilling's $55-million fortune through forfeiture proceedings. Skilling has blown through $23 million he'd set aside for his legal defense before the government froze about $55 million of his assets.
BUSINESS
May 26, 2006 | Marc Lifsher and Elizabeth Douglass, Times Staff Writers
The electricity crisis left a trail of casualties across California. Gov. Gray Davis lost his job. Pacific Gas & Electric Co., the state's largest electricity utility, filed for bankruptcy protection. Millions of residents and businesses wound up paying billions more for electricity, and many blamed Enron Corp. From San Diego to Sacramento, Californians exulted Thursday over the convictions of Enron chieftains Kenneth L. Lay and Jeffrey K. Skilling.
BUSINESS
July 3, 2004 | From Reuters
Former Enron Corp. Chairman Kenneth L. Lay is expected to be indicted next week over his role in the scandal that rocked corporate America, sources familiar with the matter said. Although a last-minute delay was still possible, federal authorities involved with the Justice Department's Enron Task Force expect that a federal grand jury next week will return an indictment of Lay, the sources said. The sources would not discuss what charges might be brought against Lay.
BUSINESS
April 22, 2005 | From Bloomberg News
Former Enron Corp. Chairman Kenneth L. Lay won't have to stand trial on bank fraud charges before he is tried in the larger fraud and conspiracy case stemming from Enron's collapse. U.S. District Judge Sim Lake in Houston granted Lay's request to schedule the bank fraud trial during deliberations in the broader case, which is scheduled to start in January. Lay's lawyer said an early trial on the banking charges would increase the risk of juror bias in the larger case.
BUSINESS
May 26, 2006 | Lianne Hart and Abigail Goldman, Times Staff Writers
Even as the guilty verdicts led newscasts and made headlines around the world, the reaction here in Enron Corp.'s hometown was quiet satisfaction. "There was no cheering," said Judy Broadus, a 52-year-old legal secretary, who heard the news as she and her colleagues sat at their computers Thursday. "This is not a cheering sort of situation," she said of the guilty verdicts in the trial of Kenneth L. Lay and Jeffrey K. Skilling. "It's sad that so many people lost their savings.
BUSINESS
May 24, 2006 | Thomas S. Mulligan, Times Staff Writer
The sideshow legal proceeding to the 3 1/2 -month Enron Corp. trial wound down Tuesday with company founder Kenneth L. Lay testifying that he had no intention to commit fraud when he violated provisions of a Depression-era banking law. Lay acknowledged his signature on forms explaining the law, known as Regulation U, but added, "I doubt I read in detail any of those loan documents." He portrayed himself as only vaguely familiar with the law.
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