Was there a clearer example of fraud on a massive scale? Dunno. It declared bankruptcy on December 2, 2001.
Ken Lay:
Jeff Skilling:
So roughly 3 years for an indictment, then 2 years for the trial to end, then another 7 years before all the appeals and deals. And at the end, Skilling got a reduced sentence, and Lay was (legally) never convicted.
There's always a chance at acquittal, too. Or fines being thrown out or reduced (ala the Exxon Valdez).
Justice is rarely perfect. Expecting it to be is a recipe for madness.
It makes sense in this case for the DOJ to take the large fine, the promise of cooperation with investigations going forward, and the ability to file future indictments.
My $0.02.
Cheers,
Scott.
Ken Lay:
On July 7, 2004, Lay was indicted by a grand jury on 11 counts of securities fraud and related charges.[1] On January 31, 2006, following four and a half years of preparation by government prosecutors, Lay's and Skilling's trial began in Houston. Lay was found guilty on May 25, 2006, of 10 counts against him; the judge dismissed the 11th. Because each count carried a maximum 5- to 10-year sentence, legal experts said Lay could have faced 20 to 30 years in prison.[2] However, he died while vacationing in Snowmass, Colorado, on July 5, 2006, about three and a half months before his scheduled October 23 sentencing.[3] Preliminary autopsy reports state that he died of a heart attack caused by coronary artery disease. As a result of his death, on October 17, 2006, the federal district court judge who presided over the case vacated Lay's conviction.[4][5]
Jeff Skilling:
In 2006 he was convicted of multiple federal felony charges relating to Enron's financial collapse, and is currently serving 14 years of a 24-year, four-month prison sentence at the Federal Correctional Institution (FCI) – Englewood in Littleton, Colorado.[1][2] The Supreme Court of the United States heard arguments in the appeal of the case March 1, 2010.[3][4] On June 24, 2010, the Supreme Court vacated part of Skilling's conviction and transferred the case back to the lower court for resentencing. During April 2011 a three-judge 5th Circuit Court panel ruled that the verdict would have been the same despite the legal issues being discussed, and Skilling's conviction was confirmed, however the court ruled Skilling should be resentenced.[5] Skilling appealed this new decision to the Supreme Court,[6] but the appeal was denied certiorari.[7] In 2013 the United States Department of Justice reached a deal with Skilling resulting in 10 years being cut from his sentence.[8]
So roughly 3 years for an indictment, then 2 years for the trial to end, then another 7 years before all the appeals and deals. And at the end, Skilling got a reduced sentence, and Lay was (legally) never convicted.
There's always a chance at acquittal, too. Or fines being thrown out or reduced (ala the Exxon Valdez).
Justice is rarely perfect. Expecting it to be is a recipe for madness.
It makes sense in this case for the DOJ to take the large fine, the promise of cooperation with investigations going forward, and the ability to file future indictments.
My $0.02.
Cheers,
Scott.