Lay's death will erase his conviction [View All]

[jerry611]

HOUSTON — The death of Enron Corp. founder Kenneth Lay will likely cause his conviction to be erased from the record, experts said Thursday.

The 64-year-old executive's sudden death Wednesday from heart disease allows his lawyers to ask the court to vacate his conviction for fraud and conspiracy in Enron's scandal that left thousands jobless and wiped out billions from investors.

What will become of his money and assets, however, is still unclear. If his conviction is erased, that would thwart the government's effort to seize millions prosecutors say he gained from participating in Enron's fraud.

The government wants $43.5 million. Prosecutors suggested he could apply his $5 million condominium and a $6.3 million investment toward that sum. During his criminal trial earlier this year, Lay said he has little else left and still owes his lawyers.

http://www.chron.com/disp/story.mpl/ap/fn/4030136.html