HOUSTON, July 8 (UPI) -- Former Enron Chairman Ken Lay pleaded innocent Thursday to federal charges of conspiracy, fraud and making false statements in the collapse of the company.
Lay was ordered released on a $500,000 bond after his appearance before a federal magistrate in Houston, the Houston Chronicle reported. He was led to the courthouse in handcuffs after surrendering earlier to the FBI.
Lay was expected to comment later on the case but in a statement released last night he said he was innocent and the indictment was unjustified.
Enron prosecutor Andrew Weissman told reporters Lay engaged in "a wide-ranging conspiracy to paint for the public a picture of Enron that diverged from the actual financial condition of the company."
Lay was indicted on 11 criminal charges, including conspiracy to commit securities, wire and bank fraud and making false and misleading statements to employees, banks and credit analysts.
If convicted, Lay could face up to 75 years in prison and a $5.75 million fine.
