Kenneth L. Lay, former chairman and CEO of Enron Corp., was accused today in a civil complaint by the SEC of defrauding investors by falsifying company financial results and making deceptive statements about Enron's performance and financial condition. Mr. Lay is also charged with insider trading, with the SEC claiming he sold more than $90 million in company stock at artificially inflated prices. "As Enron's chairman and chief executive officer, Mr. Lay was an engaged participant in the ongoing fraud, and must therefore be called to account for his actions," said Stephen M. Cutler, director of the SEC's enforcement division. The SEC seeks to permanently bar Mr. Lay from acting as a director or officer of a publicly traded company and impose civil fines, as well as restitution of profits Mr. Lay made from selling company stock. Mr. Lay turned himself in to authorities in Houston today to face an 11-count federal indictment accusing him of conspiracy in connection with deceptive practices at Enron.