Enron

I hope these guys get the book thrown at them.

Former Enron Corp. chiefs Kenneth Lay and Jeffrey Skilling were convicted Thursday of conspiracy to commit securities and wire fraud in one of the biggest business scandals in U.S. history.

The verdict put the blame for the 2001 demise of the high-profile energy trader, once the nation's seventh-largest company, squarely on its top two executives. It came in the sixth day of deliberations following a trial that lasted nearly four months.

Lay was also convicted of bank fraud and making false statements to banks in a separate trial non-jury trial before U.S. District Judge Sim Lake related to Lay's personal banking.

Lay was convicted on all six counts against him in the trial with Skilling. Skilling was convicted on 19 of the 28 counts against him, including one count of insider trading, and acquitted on the remaining nine.

"Obviously, I'm disappointed," Skilling told reporters outside the courthouse. "But that's the way the system works."

Skilling's lawyer, Dan Petrocelli, said the verdict "doesn't change our view of what happened at Enron ... or Jeffrey Skilling's innocence."

Lay did not come outside the courthouse to speak with reporters immediately after the verdict.

Lake told jurors, "you have reflected on this evidence for the last few days and reached a very thorough verdict, and I thank you."

He set sentencing for Sept. 11.