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"A collaborative political resource." |
Judge Revokes Lay's Conviction
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Candidate
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| Contributor | RP |
| Last Edited | RP Oct 17, 2006 09:25pm |
| Category | Legal Ruling |
| News Date | Oct 18, 2006 09:00pm |
| Description | A federal judge in Houston yesterday wiped away the fraud and conspiracy conviction of Kenneth L. Lay, the Enron Corp. founder who died of heart disease in July, bowing to decades of legal precedent but frustrating government attempts to seize nearly $44 million from his family.
The ruling worried employees and investors who lost billions of dollars when the Houston energy-trading company filed for bankruptcy protection in December 2001. It also came more than a week after Congress recessed for the November elections without acting on a last-ditch Justice Department proposal that would have changed the law to allow prosecutors to seize millions of dollars in investments and other assets that Lay controlled. |
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