Lay Found Guilty on All Counts
A jury in Houston found Lay guilty of all six counts against him including conspiracy to commit securities and wire fraud.
Lay got his bachelor's degree from MU in 1964 and his master's degree from the university in 1965. He is also a graduate of Hickman High School. In 1999, Lay donated $1 million to create an endowed chair in the College of Arts and Sciences. It was the first million dollar donation ever to that college. His portrait continues to hang in Lowry Hall on MU's campus, and the university says it has no plans to take it down.
In the last year, Lay has asked for that money back twice: first to help victims of Hurricane Katrina and second to help pay his legal bills in the enron trial. The university said no, because the money established a chair in economics and it plans to keep the money despite a guilty verdict. Lay and skilling will return to face their sentence september 11th. Lay faces a combined maximum punishment of 45 years.
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