Source: Bloomberg
The verdict is in.
A U.S. jury convicted Kenneth Lay and Jeffrey Skilling of orchestrating the fraud that destroyed Enron Corp., giving prosecutors a victory a case that came to symbolize corporate crime sparked by the stock market bust in 2000.
Jurors in federal court in Houston deliberated six days before finding Lay, Enron's former chairman, and Skilling, its former chief executive officer, guilty today of fraud, conspiracy and other charges. The panel heard four months of testimony before reaching a decision in the case.
Lay, 64, and Skilling, 52, face at least 25 years each in prison after being convicted of using off-the-books partnerships to manipulate Enron's finances. Skilling faces additional jail time over his conviction for using inside information to sell Enron stock. Lay was also convicted on bank fraud charges after a trial that U.S. District Judge Sim Lake held without a jury while the panel in the main case deliberated.
Hooray! There's some justice left in this country, after all!
Tags: [Enron], [Kenneth Lay], [Jeffrey Skilling], [Enron's Lay, Skilling Convicted of Conspiracy and Fraud Charges], [25 years each in prison after being convicted of using off-the-books partnerships to manipulate Enron's finances], [stock market bust in 2000]
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