What Lay and Skilling face

Note: Gaps in the counts appear because the indictment included other counts against former Enron Chief Accounting Officer Richard Causey. He pleaded guilty Dec. 28 to one count of securities fraud.

COUNT 1: Conspiracy to commit securities and wire fraud

Skilling — Allegedly approved quarterly and annual reports submitted to the Securities and Exchange Commission that misstated revenues and earnings; accused of misleading Wall Street analysts.

Lay — Allegedly lied to employees, credit-rating agencies and analysts with claims that Enron was healthy.

COUNT 2 : Securities fraud

Skilling — Stems from so-called Raptors, four fragile financial structures backed by Enron stock used to hedge inflated asset values and keep hundreds of millions of dollars in debt off its books; prosecutors say he knew the Raptors were wrongly treated as independent of Enron's books.

COUNTS 3-6 : Wire fraud

Skilling — Refers to four wire transfers of funds to entities involved in the Raptor hedging structures.

COUNTS 12-13 : Wire fraud

Lay — Allegedly made false statements to Enron employees via the Internet or video teleconference in September 2001. Assured employees that third-quarter performance was "looking great" while knowing about a mid-October announcement of a massive loss and a $1.2 billion write-down in shareholder equity.

Skilling — Allegedly knew quarterly and annual reports filed with the SEC in 2000 and 2001 were intentionally misleading.

COUNTS 21-26 : Securities fraud

Skilling — Allegedly omitted bad news or lied when he said Enron's revenues from energy trading in California were small while touting its performance and financial health to analysts in several conference calls and an analyst conference in 2000 and 2001.

COUNTS 2 7-30: Securities fraud

Lay — Allegedly misled a credit-rating agency days before Enron announced massive quarterly losses. It is also alleged that on three subsequent conference calls with analysts after the losses were announced he minimized their impact and lied.

COUNTS 31-32: False statements to auditors

Skilling — Allegedly signed letters to auditors at Arthur Andersen that were misleading about the veracity of Enron's annual financial statements in 2000 and 2001.

CO UNTS 33-36: False statements to auditors

Skilling — Allegedly signed letters to auditors that were misleading about the veracity of Enron's quarterly financial statements for the first three quarters of 2000 and the first quarter of 2001.

COUNTS 3 8-41: One count of bank fraud and three counts of making false statements to banks

Lay — Allegedly obtained $75 million in loans from three banks and then reneged on an agreement with the lenders that he wouldn't use the money to carry or buy Enron stock on margin. Lay will face trial without a jury before U.S. District Judge Sim Lake on these charges shortly after jurors in the conspiracy case against him and Skilling begin deliberations, which are expected to be lengthy. The bank fraud bench trial is expected to last less than two weeks.

C OUNTS 42-51: Insider trading

Skilling — Allegedly sold $62.6 million in stock when he knew Enron shares were inflated by internal efforts to hide the company's true financial condition. The counts pertain to nine trades from April through November in 2000 and a single trade in September 2001 about a month after he resigned from Enron.

The Associated Press