BBC NEWS | Business | Enron's Lay and Skilling guilty

BBC NEWS | Business | Enron's Lay and Skilling guilty: "Former Enron bosses Ken Lay and Jeffrey Skilling have both been found guilty on fraud, conspiracy and other charges.

The two presided over the spectacular collapse of the energy giant in 2001 and were also accused of lying to investors about its financial problems.

In all the two men had faced 34 counts relating to Enron's collapse.

The energy trading firm went from being the US's seventh largest company to bankruptcy amid allegations of accounting irregularities.
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The firm's auditor, Arthur Andersen, was forced out of business following the collapse of Enron, as it was seen as having colluded in the accounting practices.

Blockbuster trial

In all Mr Skilling has been found guilty on 19 of the 28 counts he faced - with the "not guilty" verdicts coming on some of the charges of insider trading.

If he had been found guilty on all counts, his total tariff could have been as much as 275 years in jail.

Mr Lay, however, has been found guilty of all six fraud and conspiracy charges that he faced. He could face as much as 45 years behind bars.

The trial lasted for 15 weeks, with 54 witness called by the two sides.

The verdict comes on the jury's sixth day of deliberations.

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