A prime defendant in the Enron Corp criminal trial has struck a plea deal with prosecutors, potentially bolstering the government's case against company founder Kenneth Lay and former CEO Jeffrey Skilling, according to a person familiar with the negotiations.
Richard Causey was expected to plead guilty yesterday afternoon to one or more of the 34 criminal charges pending against him, this person told reporters on Tuesday on condition of anonymity because of the private nature of the discussions.
Causey agreed to testify against his former bosses in exchange for a leaner prison sentence than he would have received if convicted on all counts. The trial is scheduled to begin next month, but a delay is likely to give defense attorneys more time to prepare for the new witness.
Causey is charged with fraud, conspiracy, insider trading, lying to auditors and money laundering for allegedly knowing about or participating in a series of schemes to fool investors into believing Enron was financially healthy. The company imploded in late 2001 amid disclosures of complicated financing schemes that gave the appearance of success.
US District Judge Sim Lake scheduled a change-of-plea hearing for yesterday afternoon. Causey pleaded not guilty to the charges against him when he was indicted in January last year.
Lay's lead attorney, Michael Ramsey, didn't respond to a request for comment, nor did one of Causey's lawyers, Reid Weingarten.
Causey's plea and agreement to cooperate with prosecutors are departures from the unified defense he, Skilling and Lay have shown for nearly two years.
Causey, 45, could be more damaging to Lay and Skilling than former Enron finance chief Andrew Fastow, who joined the government's cadre of cooperating witnesses when he pleaded guilty to two counts of conspiracy in January last year.
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