Former Enron Corp. chairman Kenneth Lay was found guilty on all six counts against him for his role in the former energy giant’s collapse in his joint trial with former president Jeffrey Skilling, and on all charges in his separate bank-fraud trial.

Skilling was found guilty on 19 of the 28 charges he faced.

The charges against Lay included bank fraud and making false statements. Skilling was convicted on charges including conspiracy and fraud, and one of the ten counts of insider trading. He was exonerated on the other nine.

In Lay’s separate trial, he was convicted on all charges – one count of bank fraud and three counts of making false statements to banks.

Enron went bankrupt in December 2001 following revelations that it had hidden huge losses by using fraudulent partnership deals. The losses were kept off the company’s balance sheet.

After the losses were revealed, the company’s stock plunged, wiping out billions of dollars of investors’ money.

Following the convictions, the U.S. Securities and Exchange Commission issued a statement applauding the verdicts.

“The government’s successful prosecution of Kenneth Lay and Jeffrey Skilling is a victory for the shareholders and employees of Enron and the American public,” said SEC chairman Christopher Cox.

“The verdict makes clear that high level corporate executives who deceive the investing public for personal gain will be held fully accountable. The result in the Enron criminal trial is a victory for all Americans, whose jobs and economic security depend on the integrity of our capital markets,” Cox added.

Linda Thomsen, director of the Division of Enforcement, said, “The jury’s verdict against Kenneth Lay and Jeffrey Skilling affirms that the primary duty of corporate leaders is to put their employees, shareholders, and the investing public first.”

“Equally true, the verdict leaves no doubt that corporate executives are obligated to conduct business honestly and to present a true and accurate picture of the company’s business and finances to the public,” she added. “Those who undermine the integrity of our financial system will be held accountable and the consequences will be severe. By selfishly putting their interests first, Mr. Lay and Mr. Skilling are now deservedly subject to criminal sanctions, including prison time. We commend the efforts of the Enron Task Force in bringing justice to the victims of the Enron fraud.”