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Enron execs sold $1.3B in stock
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January 22, 2002: 8:20 p.m. ET
CEO sold $201.6M in stock, made $119M in profit in last three years.
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WASHINGTON (CNN) - Enron Corp.'s executives and directors sold about $1.3 billion worth of stock in the last three years, with CEO Ken Lay booking $119 million in profit, according to a study from Thomson Financial commissioned by CNN.
Lay sold $201.6 million in stock since October 1998 with his profit -- at about $119 million -- less than various published reports suggest. Enron's former CEO, Jeff Skilling, sold about $190.4 million in stock and netted a profit of $112 million.
Enron Chief Financial Officer Andrew Fastow sold nearly $32 million in Enron shares and received $18.5 million in profit, according to data from Thomson Financial.
The comprehensive study commissioned by CNN shows that executives of the humbled energy trader made less than previously suggested but still netted millions on the stock sales.
However, the study does not reflect shares used by executives to repay loans. Corporate stock sales must be disclosed by the tenth of the month in which the sale takes place, unless the shares are turned over to the company to repay a loan, according to the U.S. Securities and Exchange Commission.
Enron made a number of loans to Lay from Feb. 2001 through the end of October, an attorney for Lay revealed last week. As Enron's stock and collateral dropped, Lay, to avoid margin calls, borrowed under his line of credit and then used Enron stock to repay the loans.
From February through October, Lay exercised his options, buying shares and then immediately selling them to repay loans. Most of the transactions related to the loans occurred before August but Lay did return Enron shares to the company after Aug. 20-21, Lay's attorney said. 
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