Enron founder Kenneth Lay acknowledged Monday he violated federal rules covering loan agreements when he purchased stock with the loan money but said he never intended the actions to be fraudulent. The trial, being heard without a jury before U.S. District Judge Sim Lake, is being held while jurors deliberated for a third day Monday in the fraud and conspiracy trial against Lay and former Enron Chief Executive Jeffrey Skilling.
May 23, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Enron Corp. founder Kenneth Lay acknowledged Monday he violated federal rules covering loan agreements when he purchased stock with the loan money but said he never intended the actions to be fraudulent.
“Clearly we were not in compliance in different investments and different paybacks,” Lay said, taking the witness stand in his own defense at a bank fraud trial involving his personal banking.
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