Fitting end to an era

25 May 2006 By Dan Ackman

The convictions of Ken Lay and Jeffrey Skilling were no surprise and were not based on the nuances of style or demeanour. Evidence that the company s finances were shaky and that the defendants lied to hide the facts was simply overwhelming.

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A federal jury in Houston found Kenneth Lay and Jeffrey Skilling, the only two chief executives Enron ever had, guilty of a variety of conspiracy and fraud charges in connection with Enron's 2001 spectacular demise.

Lay, Enron's founder and the company's chief during all but a brief period when company longtime president Skilling was promoted, was found guilty of all six charges against him, including conspiracy and securities fraud.

Skilling was found guilty on 18 counts of conspiracy and fraud and one count of insider trading. He was acquitted on nine other insider trading counts.

Lay was also convicted by Judge Lake on bank fraud charges, which were tried separately.

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