May 25, 2006
A Houston jury on Thursday convicted former Enron Corp. executives Kenneth Lay and Jeffrey Skilling of fraud that led to the energy companys collapse in 2001.
Lay, the companys founder, was convicted on all six counts and Skilling, the former CEO, on 19 of 28 counts.
Both men will be sentenced on Sept. 11. News reports noted they likely will serve much of the rest of their lives in prison.
Skilling and his lawyer said they would appeal the jurys decision; Lay did not make a public statement after the verdicts were announced.
Enron ran a broadband unit. The collapse of the company came around the same time as the downfall of WorldCom Inc. and Tyco International Inc. Analysts on Thursday were predicting the Lay-Skilling convictions would send a strong message to other white-collar criminals intent on defrauding shareholders.
Enron Corp. www.enron.com
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