HOUSTON (AP) — Former Enron Corp. chiefs Kenneth Lay and Jeffrey Skilling were convicted Thursday of conspiracy to commit securities and wire fraud in one of the biggest business scandals in U.S. history.

The verdict put the blame for the demise of what was once the nation’s seventh-largest company squarely on its top two executives. It came in the sixth day of deliberations following a trial that lasted nearly four months.

Lay was also convicted of bank fraud and making false statements to banks in a separate trial related to his personal banking.

Lay was convicted on all six counts against him in the trial with Skilling. Skilling was convicted on 19 of the 28 counts against him, including one count of insider trading, and acquitted on the remaining nine.

“You have reflected on this evidence for the last few days and reached a very thorough verdict, and I thank you,” U.S. District Judge Sim Lake told jurors.

He set sentencing for Sept. 11.

Lake set a $5 million bond for Lay and ordered him to surrender his passport before he leaves the courthouse. The judge said the bond already in place for Skilling was sufficient. The judge said he did not believe home confinement was necessary for either.

The former corporate titans are now felons facing years in prison after being convicted of running an elaborate fraud that gave the company a glamorous illusion of success.

Jurors declared through their verdict that both men repeatedly lied to cover a vast web of unsustainable accounting tricks and failing ventures that shoved Enron into bankruptcy protection in December 2001.

The conviction was a major win for the government, serving almost as a bookend in an era that has seen prosecutors win convictions against executives from WorldCom Inc. to Adelphia Communications Corp. and homemaking maven Martha Stewart.

The panel rejected Skilling’s insistence that no fraud occurred at Enron other than a few executives skimming millions from secret scams behind his and Lay’s backs, and a lethal combination of bad press and poor market confidence sank the company.

Both men testified in their own defense. Skilling is expected to appeal.

The government’s victory caps a 4 1/2 year investigation that nabbed 16 guilty pleas from ex-Enron executives, including former Chief Financial Officer Andrew Fastow and former Chief Accounting Officer Richard Causey.

All are awaiting sentencing later this year except for two who either finished or are serving prison terms.

Many deemed the outcome of the Lay-Skilling case a final exam of sorts of the federal government’s ability to prove complicated corporate skullduggery.