The jury of four men and eight women found Lay, 64, guilty on all six counts of fraud and conspiracy. Also, in a separate non-jury trial, Lay was convicted by Judge Sim Lake on four counts of bank fraud and making false statements to banks.

Skilling, 52, was found guilty on 18 counts of fraud and conspiracy and bank fraud, and one count of insider trading from his sale of 500,000 shares on Sept. 17, 2001. He was acquitted on nine charges that included insider trading.

Skilling's defense attorney unsuccessfully tried to convince the jury that his client was not aware of the unethical and illegal accounting practices happening during his CEO tenure, which spanned only six months between February and August 2001.

"The fact that both Jeff Skilling and Ken Lay were convicted should come at no surprise given the unusual nature of their defense," said David Gebler, president of ethics consultancy firm Working Values, a SmartPros subsidiary. "The fact that both men adamantly refused to acknowledge that anything was amiss at Enron was a clear reflection of the culture of denial that was created. Enron operated according to its own rules and was not accountable to anyone other than the leaders who benefited from their unlawful business practices."

It appears this was the jurors' train of thought. Once the verdict was read, they later told reporters that the defense's story was shoddy.

The testimonies of Lay and Skilling gave jurors a clearer understanding of their characters. Jurors said Lay appeared controlling and seemed to have "a chip on his shoulder." Skilling's testimony raised eyebrows, as well, because he came across as a very involved manager with a proficient understanding of the company's financials, but he alleged he didn't know fraud was being committed around him.

Before jurors announced their verdict, SmartPros readers answered the Opinion Poll question, "Do you think Lay and Skilling are guilty?" 61% said Lay is guilty of all charges 33% said Lay is guilty of some charges 6% said he is not guilty 70% said Skilling is guilty of all charges 25% said he is guilty of some charges 5% said he is not guilty The poll captured 280 responses from opt-in pollsters between May 8 and May 24, 2006. Enron Trial Overview Status of High-Profile Corporate Scandals

What's next

Judge Sim Lake set sentencing for Sept. 11. If given maximum sentences, Lay could spend 45 years in prison for the corporate trial charges and 120 years for the personal trial charges. Skilling faces a maximum penalty of 185 years.

Lay posted a $5 million bond and surrended his passport after the verdict was read.  Skilling's $5 million bond remains in effect.

In all, the government has sealed 16 please from ex-Enron executives. Fourteen are awaiting sentencing, while former CFO Andrew Fastow and former chief accounting officer Richard Causey are currently serving their terms.

"The jury's verdicts help to close a notorious chapter in the history of America's publicly traded companies," said Sen. Michael Oxley, chairman of the House Financial Services Committee and co-author of the Sarbanes-Oxley Act, in a statement issued after the verdict was read. "Appeals aside, the end of the trial will mark the end of a dark era."

But is it the end?

Wendy Vaughan, a juror commenting on the almost certain appeals, said what many are thinking: "I don't think this is over ... Will justice really prevail, or will the almighty dollar be winner again?"

Sources: Associated Press, MarketWatch