UK, Feb 19: Former Enron boss Jeffrey Skilling has been charged with 36 counts of fraud, insider trading and lying about the state of the firm's finances. The charges come after Mr Skilling surrendered himself to the FBI at its Houston headquarters.

With bail set at $5m, the 50-year-old - the highest ranking Enron executive at the company yet to be indicted - denied all the charges. Investigations now turn towards former Enron chairman Ken Lay.


Mr Lay currently remains a free man, and like Mr Skilling has professed his innocence.

Speaking for Mr Skilling, attorney Dan Petrocelli told reporters that his client was being made a scapegoat.

"He didn't steal, he didn't lie, he didn't take anyone's money," he said outside court.
"In the 60 pages of charges filed by the US government, they don't even accuse him of these things, and it's not for lack of trying."

The indictment, however, reads rather differently.

Between 1999 and 2001, it says, Mr Skilling and others "engaged in a wide-ranging scheme to deceive the investing public, the Securities and Exchange Commission, credit ratings agencies and others, about the true performance of Enron's business".

It alleges Mr Skilling made $89m by selling shares at "artificially inflated prices".

As well as the charges against Mr Skilling, six fresh accusations are levelled at former Chief Accounting Officer Richard Causey, indicted a month ago.
Bureau Report