Word: fraud
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...jury found that Lay criminally touted the stock even after whistle-blower Sherron Watkins gave him her famous memo in August 2001 warning that Enron's accounting was deeply flawed; Skilling had quit only days before. Both men were found guilty on every charge of fraud and conspiracy in the indictment--six against Lay, 13 against Skilling. While Skilling was acquitted on nine charges of insider trading, he and Lay were also convicted on various other charges involving stock sales and audits. The 64-year-old founder faces up to 165 years of hard time; Skilling, 52, is up against...
Enron joins WorldCom, Adelphia and Tyco among the big companies busted by President Bush's Corporate Fraud Task Force, which has won 1,063 convictions, including guilty verdicts against 36 chief financial officers and 167 corporate CEOs and presidents. "Behavior has clearly changed since the Enron crisis," says Roman Weil, a professor of accounting at the University of Chicago. Part of that is a result of the Sarbanes-Oxley bill, which holds bosses criminally responsible if their company's accounting is faulty. So CEOs are paying closer attention to financial statements--and passing that responsibility down the line. "The criminalization...
...Outside the courtroom, there was little sympathy for the son of a Baptist preacher who created a business dynamo that crashed in late 2001, or for his protege, Jeffrey Skilling, 52, who himself faces 185 years for his 19 out of 28 guilty counts - including conspiracy, securities and wire fraud. ?It was a moral victory. Now we hope to get them an economic victory,? said Steve Berman, one of the attorneys representing pensioners ruined by Enron?s demise. In addition to $7.2 billion wrung out of banks like JPMorgan Chase and Citigroup in securities fraud litigation, employees are still waiting...
...come to an end, with both men set for sentencing on Sept. 11, you may be as off base as the company's financial statements. Attorneys for Lay and Skilling vow to appeal, and there is precedent - all the way to the Supreme Court - to attack a white-collar fraud conviction based on the fine points of the kind of jury instructions given by Judge Simeon Lake. "A 'willful blindness' instruction is a very good ground [for appeal]," says Houston defense attorney Joel Androphy. Willful blindness, which Judge Lake specifically cited in the jury instructions as a valid factor...
...such an incredibly complex case of fraud, it was notable how quickly the jury reached a verdict - on only the sixth day of deliberations. Strangely enough, one member of the jury teared up after the verdict was announced. No wonder defense attorney Androphy worries that the verdict was more ?spontaneous? than ?intelligent.? ?I don't think the jury necessarily identified any financial issues, accounting issues,? he said. ?There's no way in just a couple days they could fully comprehend the law and at the end of day apply the law to the facts and come up with an intelligent...