10:43 PM CDT on Thursday, May 25, 2006

By Jason Whitely / 11 News

Enron founder Ken Lay was found guilty on all six counts in his jury trial on fraud and conspiracy.

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Ken Lay

That carries up to 45 years in prison.

He was also found guilty of bank fraud and making false statements to banks in a bench, or non-jury, trial. That carries up to 120 years in prison.

Former Chief Executive Jeff Skilling was convicted on 19 of the 28 counts against him.

Those charges carry a maximum penalty of 185 years in prison.

Right now both men say they plan to appeal today’s verdict.

That the verdicts came in Thursday surprised everyone because jurors originally said they would take tomorrow and Monday off, leaving many with the impression they weren’t near a consensus.

That clearly wasn’t the case.

The timing of the verdict blindsided everyone.

Jeff Skilling smiled as he returned to hear the decision Thursday morning.

Ken Lay sneaked in a side door.

At 11 a.m. jurors handed down what many expected, guilty verdicts, convicting Skilling on 19 of the 28 charges against him.

And getting Ken Lay on everything.

“The jury has spoken and they have sent an unmistakable message to board rooms across the country,” said Sean Berkowitz, lead prosecutor.

Prosecutors spoke publicly for the first time after the verdict, sounding as if they were still trying the case.

“CEOs can not hide behind accountants. They can’t hide behind lawyers. They can’t hide behind claims of ignorance,” said prosecutor John Hueston.

The verdict itself was an emotional moment. p

Judge Sim Lake asked Lay and Skilling to stand for the news.

“When the verdicts started being read there was sobbing in the courtroom from the Lay family and possibly the Skilling family. It was very sobering and somber in there,” Flood, Houston Chronicle

Jurors spent less than six days deliberating, apparently agreeing quickly that both men conspired to hide Enron’s decaying business.

Skilling seemed emotionless, as if the news had yet to sink in.

“I’d like to thank my family for sticking by me. In particular my kids, Kristen, Jeffrey and JT. They’re just great. I think we fought the good fight. Some things work. Some things don’t,” Jeff Skilling, former Enron CEO said after the verdicts.

Ken Lay came out hours later after posting bond and surrendering his passport.

“Certainly we were surprised. More appropriately to say we were shocked. This is not the outcome we expected. I firmly believe I am innocent of the charges against me,” said Ken Lay, Enron founder.

The team of young prosecutors couldn’t be more pleased that the jury saw it differently.

“We’re probably going to step aside and get a well deserved drink and an afternoon off,” said Berkowitz.

The Enron trial unfolded just blocks away from the towers where Lay and Skilling once reined.

Five years after the fall,  judgment day has arrived and the once corporate kings are now federal convicts.

Lay and Skilling are out on bond awaiting their sentencing in September.

The length of it will likely be based on the amount of loss.

And with so many victims,  the two former CEOs could spend the rest of their lives in prison.

KHOU-TV

Jeff Skilling after the verdicts.