Left: Ken Lay and Jeff Skilling in happier times
(Houston, TX) The jury in the fraud and conspiracy trial of former Enron chief executives Ken Lay and Jeffrey Skilling has reached a verdict. Skilling was found guilty oon 19 counts of conspiracy, fraud, bank fraud, and wire fraud charges, and Lay was found guilty on all six counts with which he was charged.
In a separate trial Lay was found guilty guilty of four bank fraud charges for illegally using money from $75 million in personal loans to buy stock.
Lay, 64, faces up to 45 years in prison, while the convictions against Skilling carry maximum sentences of 185 years.
The panel of eight women and four men reached their decision one day after making their a request for additional materials from US District Judge Sim Lake, notifying him that they needed trial transcripts and a list of exhibits.
Skilling is free on a $5 million bond, while Lake said Lay must post a $5 million bond and give up his passport to stay out of jail until sentencing, which is set for September 11.