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Updated: 8:31 PM Aug 23, 2005
Closing Argument in Wittig and Lake Case
Prosecution says Wittig and Lake ignored duty to shareholders. Posted: 8:31 PM Aug 23, 2005Reporter: AP |
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A federal court jury in Kansas City, Kansas, is hearing closing arguments in the fraud re-trial of two former Westar Energy executives.
Ex-CEO David Wittig and former senior vice president Douglas Lake face 40 counts each of enriching themselves at the Topeka utility's expense. Their first trial ended last year with the jury unable to agree on all 40 counts.
Assistant U.S. Attorney Richard Hathaway took the jury Tuesday
through three months' worth of testimony. Hathaway said Wittig and
Lake constantly looked for ways to expand their own compensation
without alerting the company's board of directors, and without regard for shareholders.
But Wittig's lawyer argued that prosecutors failed to support their allegations of "systematic looting.'' Adam Hoffinger said Wittig received every necessary approval for his actions and made full disclosures to
regulators.
Lake's attorney gives his closing argument Wednesday.
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