Archive for Wednesday, March 29, 2006

Prosecution rests in Enron case

March 29, 2006

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A federal judge dismissed three counts against former Enron Chief Executive Jeffrey Skilling and one count against company founder Kenneth Lay as the government brought its case to a close Tuesday.

Citing reasons of "economy," federal prosecutors requested that Judge Sim Lake dismiss two charges of securities fraud and one charge of lying to auditors from the indictment against Skilling. Lake also dismissed one charge of securities fraud against Lay.

During the past nine weeks of trial in a Houston, the government has sought to convince jurors that Skilling and Lay knowingly misled investors about the company's financial state while enriching themselves by selling millions of dollars worth of stock.

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