Enron, Lay, Skilling

The trial began January 30, 2006

• Eight former Enron executives testified, the star witness being Andrew Fastow, against Lay and Skilling, their former employers.
• The jury reached its verdict on May 25, 2006, convicting both Lay and Skilling. Lay was also convicted by Sim Lake of charges in a separate bench trial.
• Lay died on July 5, 2006, and his convictions were thrown out on October 17, 2006.
• Sentencing of Skilling took place on October 23, 2006.
• Skilling was convicted of 19 of 28 counts of securities fraud and wire fraud and acquitted on the remaining nine, including charges of insider trading. He was sentenced to 24 years, 4 months in prison, and cannot be released before serving less than 20 years, 4 months. In addition, he must pay $630 million to the government, which includes a $180 million fine.
• Lay was convicted of all six counts of securities and wire fraud for which he had been tried, and could have faced a total sentence of up to 45 years in prison; however, he died of a heart attack on July 5, 2006, prior to sentencing. Accordingly, the judge vacated Lay's conviction on October 17, 2006, since he died before he was sentenced.
• Sixteen people pleaded guilty for crimes committed at the company, and five others, including four former Merrill Lynch employees, were found guilty at trial.