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U.S. markets recover from steep losses
HOUSTON, March 28 (UPI) -- A Houston judge Tuesday dropped three charges against former Enron Corp. chief executive Jeff Skilling and another charge against the firm's founder.
At prosecutors' request, U.S. District Judge Sim Lake reduced to 27 the number of charges against Skilling and to six the number against Kenneth Lay, ABC News reported.
Lake dropped two securities fraud charges and a wire fraud charge against Skilling; he also dropped one securities fraud charge against Lay.
The action came as prosecutors wrapped up their 2-month case against the pair, which included testimony from 22 witnesses, eight of those being former executives of the once-mighty energy trading conglomerate.
Defense lawyers are expected Monday to begin their work in front of the jury, including calling both defendants to testify.
Enron collapsed into bankruptcy in 2001 as investors learned that what had once appeared to be a hugely profitable operation was actually hemorrhaging money.
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