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Enron Execs Found Guilty On Conspiracy, Fraud Charges

HeadlineMay 26, 2006

The two top figures in the Enron corporate scandal have been found guilty. On Thursday, Enron founder Ken Lay was convicted in two separate trials on 10 counts of conspiracy, securities fraud, wire fraud, bank fraud and for making false statements to banks. Enron’s former CEO Jeffrey Skilling was also convicted. A jury found him guilty on 19 of 28 counts. The conspiracy and fraud convictions each carry a sentence of up to 10 years in prison. Four years ago Enron filed for bankruptcy after years of defrauding its own employees and investors. The bankruptcy put over 4,000 people out of work. The value of the company’s stock dropped from ninety dollars to about 30 cents. Thousands of Enron employees lost their lifesavings.

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