Lay and Skilling found guilty of fraud and conspiracy charges

Kenneth LayKenneth Lay and Jeffrey Skilling, both former heads of Enron Corp., were found guilty by a jury on Thursday of conspiracy to commit securities fraud and wire fraud. The trial lasted almost four months, and the jury deliberated for nearly six days.

Skilling was convicted of 19 of the 28 counts he was charged with, and Lay was convicted on all six counts against him. Lay was also convicted of two federal charges brought against him by the Federal government in a separate trial.

The collapse of Enron, one of the biggest business scandals in U.S. history, became synonymous with the word fraud.