OFFMEN International

Lay and Skilling's day of reckoning
Enron ex-CEO and founder convicted on fraud and conspiracy charges; sentencing slated for September.
By Shaheen Pasha and Jessica Seid HOUSTON (CNNMoney.com) - Enron former chief executive Jeffrey Skilling and founder Kenneth Lay were both found guilty Thursday of conspiracy and fraud in the granddaddy of all corporate fraud cases.

On the sixth day of deliberations, a jury of eight women and four men convicted the former executives of misleading the public about the true financial health of Enron, whose collapse in late 2001 symbolized the wave of corporate fraud that swept the United States early this decade.

Skilling was found guilty on 19 counts of conspiracy, fraud, false statements and insider trading. He was found not guilty on nine counts of insider trading.

Lay was found guilty on all six counts of conspiracy and fraud. In a separate bench trial, Judge Sim Lake ruled Lay was guilty of four counts of fraud and false statements. (Click here for the defendants' reactions)

Both Lay and Skilling could face 20 to 30 years in prison, legal experts say. And Lay will also face an additional hefty term in prison for his conviction in the bank fraud case.

The interesting thing here is what kind of time will they serve? The aritcle states they COULD face 20-30 behind bars and if they do, will it be in a country club prison for white collar criminals? I remember talking about the kind of things white collar crminals face in college, its a joke.