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Lay and Skilling found guilty
Former Enron executives Kenneth Lay and Jeffrey Skilling were found guilty of conspiracy and fraud in the Enron case. The jury reached the verdicts on the sixth day of deliberations.
Skilling was found guilty on 19 counts of conspiracy, fraud, false statements and insider trading and not guilty on 8 other counts of insider trading. Lay was found guilty on all six counts of conspiracy and fraud. In a separate bench trial, Lay was found guilty on four counts of fraud and false statements. Both face 20 to 30 years in prison.
Sentencing has been set for the week of September 11. Lay was ordered to surrender his passport and post a cash bond.
The trial began January 31, after a 4 and Ω year long government investigation.
For more information, visit the CNNMoney article here: http://money.cnn.com/2006/05/25/news/newsmakers/enron_verdict/index.htm?cnn=yes
Ray
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