Enron's Causey Changes Plea to Guilty
by: Rod Rice, December 29, 2005 12:12:00 am
Enron's former Chief Accounting Officer Richard Causey had been facing more then 30 charges. He has changed his plea to guilty on one count of securities fraud and is expected to testify for the prosecution when the gavel falls next month and Ken Lay and Jeffery Skilling get their day in court.
Causey's deal has him going to prison for seven years and forfeiting $1.25 million. After the trial prosecutors may request that his sentence be reduced to five years. Causey was a key player in the final days before Enron collapsed and prosecutors now get him on their side. Petroleum Industry analyst Barbara Shook says Causey may know a lot.
Defense attorney Dan Petrocelli represents Skilling and says it is time to regroup.
Both Petrocelli and Ken Lay's attorney Mike Ramsey had been laying out a case against former Enron Chief Financial Officer Andrew Fastow, painting him as the one who broke the law and caused Enron's implosion. They are not taking that tact with Causey so far, saying they are not concerned about his testimony.
Petrocelli says Causey worked closely with them but, just like the other 15 people who've entered guilty pleas, prosecutors put him in an untenable position.
The trial has been delayed for two weeks and now will begin the end of January.