Lay, Skilling found guilty in Enron trial - Spokane, North Idaho News & Weather KHQ.com

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Lay, Skilling found guilty in Enron trial

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HOUSTON - Two top Enron executives are now convicted felons. Kenneth Lay and Jeffrey Skilling have been found guilty of conspiring to cook the books to hide Enron's true finances from investors while the energy giant was crumbling.

Lay was convicted on all six counts, including conspiracy to commit securities and wire fraud. Skilling was found guilty of conspiracy to commit securities and wire fraud. Federal jurors convicted him of 19 of the 28 counts against him.

The convictions close a chapter on one of the biggest business scandals in U-S history. Enron's collapse plunged thousands of employees into despair in 2001 and cost investors billions. Lay is also convicted of bank fraud in a separate trial where prosecutors accused him of using personal loans to buy stock in violation of banking agreements.

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