Lay admitted that he did not follow provisions of loan documents that prohibited him from using bank loans to buy stock on margin. He testified that he never intended to defraud banks, and neither his aides nor bank officers ever warned him that he was in violation.
Lay now waits with co-defendant Jeff Skilling to hear the jury's verdict in the fraud and conspiracy case. That's when U.S. District Judge Sim Lake will announce his verdict on the bank charges.
Simultaneously with Lay's personal banking trial, the jury in the Enron fraud and conspiracy case has been considering six counts against Lay and 28 counts against Jeff Skilling. They resume deliberations this hour.
Ed Mayberry, Houston Public Radio News.