Skilling may have to pay Lay's way
Report: Prosecutors want convicted Enron CEO to pay $183 million in restitution, including $43 million owed by late co-founder.
NEW YORK (CNNMoney.com) -- As government prosecutors see it, Jeffrey Skilling will have to pay for both his and Kenneth Lay's Enron crimes.
In a court filing reported by the Houston Chronicle, the government said it wants $183 million in restitution from Skilling - $140 million attributable to Skilling and $43 million to Lay, who died last month of heart disease.
The two men were convicted in May of charges related to the 2001 downfall of Enron, the energy trading company co-founded by Lay. Both men were found guilty of conspiracy and fraud charges, with former CEO Skilling also found guilty of making false statements and insider trading.
The Chronicle said Enron Task Force chief prosecutor Sean Berkowitz wrote in the Friday filing that Skilling is "liable for the proceeds attributable to all co-conspirators, indicted or unindicted, including Lay."
In fact, the filing said the government is being "conservative" in its assessment of how much Skilling has to pay, not including the sums of others tied to the crimes - including former chief financial officer Andrew Fastow, the Chronicle reported.
The paper said Skilling's attorney, Daniel Petrocelli, argued last month that the government can't rightfully seek a so-called "money judgment" tying Lay's penalty to Skilling. Petrocelli also said the amount sought from Skilling was exaggerated, according to the Chronicle.
Any monetary judgment will come after Skilling's sentencing for his conviction, which is now scheduled for Oct. 23, the Chronicle reported. He is expected to receive a prison term of 20 to 30 years, legal experts have said.