Ken Lay’s widow trying to hold onto $12.7 million in assets
Linda Lay, the widow of Enron Corporation’s founder Ken Lay, is asking a U.S. District judge to throw out a civil action by the government in order to prevent seizure of nearly $13 million dollars in assets. The three things prosecutors are trying to seize are (1) $2.5 million of the value of the couple’s condominium in Houston, (2) $10 million from a partnership named for both the Lays, (3) almost $23,000 in a bank account.
Although Ken Lay was convicted in May 2006 on 10 counts of fraud, conspiracy and lying to banks in two separate cases, Judge Lake dismissed the convictions after Lay’s death in July of 2006. Ken Lay left all of his assets to his wife who is now trying to protect them with the argument that the government doesn’t have any basis to seize her assets.
Houston Chronicle reporter Kristen Hays writes “The government contends Ken Lay gained $99 million from criminal activity, mostly from repaying Enron loans with company stock throughout 2001 when the company was in financial turmoil. Prosecutors say they can trace and therefore recover more than $12 million of the allegedly ill-gotten gains.” The article can be found here.
In my humble opinion, the whole family is crooked and should try to cleanse their karma by giving away the money that destroyed countless retirement and college funds.