Ken Lay gets the last laugh.....

[Pontiuth Pilate]

Haha, just kidding... can you imagine that happening?

HOUSTON — A federal judge Tuesday vacated the conviction of Enron's late founder Kenneth Lay, wiping out a jury's verdict that he committed fraud and conspiracy in one of the biggest corporate frauds in U.S. history.

Lay was convicted of 10 counts of fraud, conspiracy and lying to banks in two separate cases on May 25. Enron's collapse in 2001 wiped out thousands of jobs, more than $60 billion in market value and more than $2 billion in pension plans.
Lay died of heart disease July 5 while vacationing with his wife, Linda, in Aspen, Colo.
U.S. District Judge Sim Lake, in a ruling Tuesday, agreed with Lay's lawyers that his death required erasing his convictions. They cited a 2004 ruling from the 5th U.S. Circuit Court of Appeals that found that a defendant's death pending appeal extinguished his entire case because he hadn't had a full opportunity to challenge the conviction and the government shouldn't be able to punish a dead defendant or his estate.
Tuesday's ruling thwarts the government's bid to seek $43.5 million in ill-gotten gains prosecutors allege he pocketed by participating in Enron's fraud. The government could still pursue those gains in civil court, but they would have to compete with other litigants, if any, also pursuing Lay's estate.
Prosecutors asked Lake to delay this ruling until Monday, the scheduled sentencing date, so Congress can consider legislation from the Justice Department that changes current federal law regarding the abatement of criminal convictions. Congress recessed for the elections without considering the legislation.
"Certain provisions of the (legislation) would be directly relevant to the situation presented by defendant Lay's death," prosecutors Sean Berkowitz and John Hueston wrote in their motion. "For example ... the (legislation) provides that the death of a defendant charged with a criminal offense shall not be the basis for abating or otherwise invalidating either a verdict returned or the underlying indictment."
Enron crumbled into bankruptcy proceedings in December 2001.

 

[Xanikk999]

So does that mean they cant take back the money enron stole from investor/stockholders/whatever (i dont know).?

 

[AVN]

So does that mean they cant take back the money enron stole from investor/stockholders/whatever (i dont know).?

That's my conclusion after a quick look at this article.
At least it will be very difficult for the people who were robbed by Enron to get some compensation.

 

[EdwardTking]

If a black man robbed a bank by shooting the security guards with a
machine gun and then died while appealing his conviction on death row,
the courts wouldn't let his wife just keep all the wads of stolen notes.

So why is it different for white collar crime?

In my view the last court verdict should always stand, unless and
until his family can get it overturned at court. A criminal conviction,
on beyond reasonable doubt, should not be overturned by default.

I find this judgement absolutely appalling.

It also provides a subtle incentive for those with their hands on the
stolen money to encourage the convicted felon's exit from this world
so that they can keep the ill gotten goods which is rather dangerous.

 

[Xenocrates]

Agreed, this is insane.

Can anyone explain the legal situation in this? He was tried and found to be guilty, right? That means he IS guilty in the eyes of the law. So how in God's name did this travesty happen?

Is it just friends in high places?

Was his death suicide or murder?

What happened to the rule of law?

 

[Xanikk999]

Agreed, this is insane.

Can anyone explain the legal situation in this? He was tried and found to be guilty, right? That means he IS guilty in the eyes of the law. So how in God's name did this travesty happen?

Is it just friends in high places?

Was his death suicide or murder?

What happened to the rule of law?

I dont get it either. It seems quite unfair that money is not going back to its rightful place.

 

[Pontiuth Pilate]

It goes back to the question of the different treatments of different classes of criminals.

I mean, he died of a heart attack while vacationing at a ski resort with his wife. This, while his case was under appeal. What the hell was he doing there?

 

[Syterion]

It was under appeal? The appeal process takes forever. Any old man who commits any white collar crime can simply appeal till he dies and his family keeps his corrupt money? This is a huge flaw in the judical system.

HE WAS ALREADY FOUND GUILTY!

 

[Masquerouge]

I'm surprised that people are outraged. It's not the first time it has been shown you'd better be rich than poor in court.

 

[Duke of Marlbrough]

Moderator Action: Always provide a link to source materials

 

[IglooDame]

Always provide a link to source materials

Here, for one.

 

[JollyRoger]

I think some civil lawyers are going to make a killing suing the estate of Ken Lay.

 

[MobBoss]

http://www.foxnews.com/story/0,2933,221777,00.html

Judge Tosses Conviction of Late Enron Founder Kenneth Lay Citing His Death

Undoubtedly, conspiracy theorists claiming he is alive and enjoying his cash somewhere in Fiji will abound.

But I do find the case law surrounding this to be interesting. Plus the fact that it puts 43+ million dollars of his estate off limits.

 

[amadeus]

(Thank you for posting this as not a troll.)

I can't say there's a whole lot of good reasons to convict a dead person.

 

[AVN]

Duplicate thread

 

[JollyRoger]

His estate will face a ton of civil suits though.

 

[Pontiuth Pilate]

I can't say there's a whole lot of good reasons to convict a dead person.

He was already convicted. He was just running out the clock of useless appeals and you know it.

Try arguing honestly.

 

[MobBoss]

He was already convicted. He was just running out the clock of useless appeals and you know it.

Try arguing honestly.

That is an honest argument. Or do you think nobody has ever won an appeal?

 

[Gladi]

That is an honest argument. Or do you think nobody has ever won an appeal?

Bright day
But at the time of his death he was still guilty in eyes of law. People can still be tried in absentiae, can they not? Was there truly a reason to grant the appeal without due trial?

 

[MobBoss]

Bright day
But at the time of his death he was still guilty in eyes of law. People can still be tried in absentiae, can they not? Was there truly a reason to grant the appeal without due trial?

Well, he is not just merely absent...he is dead. As the story indicates, there is already prior case law on this which allows the charges to simply be dropped.