Kenneth Lay

Prosecutors contend that Lay, handpicked protege and former CEO Jeffrey Skilling, and former top accountant Richard Causey were among the principal operators of a wide-ranging scheme to deceive the public, shareholders, government regulators and others.

A federal indictment unsealed July 8 alleges that Skilling spearheaded the scheme until he abruptly quit in August 2001, less than four months before Enron imploded. Lay resumed as CEO upon Skilling's departure and "took over leadership of the conspiracy," the indictment says.

In 11 counts of conspiracy, securities fraud, bank fraud and other charges, prosecutors allege Lay was not a CEO blithely unaware of wrongdoing by his minions, as he has maintained. The indictment alleges Lay intensified his oversight of Enron's day-to-day operations and "took control" of a conspiracy to keep Enron's ever-growing financial crises hidden in the bowels of the company.

The Japan Times Weekly: July 17, 2004
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