***Updated*** Ken Lay was also found guilty on the 4 counts of bank fraud in the bench trial by Judge Sim Lake.
***Updated*** A jury of eight women and four men returned verdicts again Kenneth Lay, 64, and Jeffrey Skilling, 52, former executives of Enron.
Ken Lay was charged with a total of 6 counts and faced 45 years. He was found guilty on all 6:
1 Count of Conspiracy
2 Counts of Wire Fraud
3 Counts of Securities Fraud
Lay’s maximum sentence is 45 years.
Jeff Skilling was charged with 28 counts and faced 275 years. Skilling was found guilty on 19 of the 28:
1 Count of Conspiracy
12 Counts of Securities Fraud
5 Counts of False Statements to Auditors
1 Count of Insider Trading
Not Guilty on 9 Counts of Insider Trading.
175 years is the maximum for Skilling.
Sentencing will be September 11, 2006. 5 years and 10 days after the scandal broke.
On Wednesday, another U.S. judge in Houston approved a $6.6 billion civil settlement by three banks accused by Enron shareholders of helping the company hide financial misdeeds that led to its collapse.
The settlements to be paid to former Enron shareholders include $2.4 billion from Canadian Imperial Bank of Commerce, $2.2 billion from JP Morgan Chase and $2 billion from Citigroup. This combined with a previous settlement with Lehman Brothers and Bank of America totals $7.2 billion of the $40 billion lost by shareholders.
***Original Post*** The jury in the fraud and conspiracy trial of former Enron chief executives Ken Lay and Jeffrey Skilling has reached a verdict. It will be read at noon eastern time, 11 am central time.
I will post an update after the verdicts are read.
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