Ken Lay, the former chairman of Enron Corp., has had his criminal conviction on fraud and conspiracy charges vacated. He was convicted on May 25, 2006, and died from a massive coronary on July 5, 2006.
The law in the Fifth Circuit states that if a defendant dies before having an opportunity to appeal a conviction, that the conviction must be taken off his record. The federal government argued that Ken Lay’s estate shouldn’t be able to keep the proceeds of fraud, which should be forfeited and distributed to the victims of his crimes. The judge rejected the argument, saying that those who were defrauded could pursue the matter in civil court.
The Justice Department has said that they will continue to pursue restitution on behalf of the Enron fraud victims.
Tags: Ken Lay, fraud, conspiracy, appeal, conviction, restitution, Enron
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