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HOUSTON -- The jury in the fraud and conspiracy trial of Enron founder Kenneth Lay and Jeffrey Skilling has reached a verdict. It will be announced at noon EDT.

By the end of the day Wednesday, the panel had deliberated for about 31 hours over five days without reaching a verdict in the blockbuster criminal case to emerge from the company's collapse.

On Wednesday, the jury sent a note to U.S. District Judge Sim Lake asking whether it was possible to see transcripts of testimony. The judge asked the panel to be more specific, and the issue didn't come up again.

Both defendants awaited the outcome away from the federal courthouse in Houston - Lay at his office about two blocks away, and Skilling in his legal team's "war room" in an office building across the street.

The eight-woman, four-man panel is deliberating Monday through Thursday each week, the same schedule they kept during the 16-week trial that began with jury selection on Jan. 30.

Skilling faces 28 counts of fraud, conspiracy, insider trading and lying to auditors, and a maximum of 275 years in prison if convicted on all counts. Lay faces six counts of fraud and conspiracy, with a combined maximum punishment of 45 years.

Both are accused of repeatedly lying to investors and employees about Enron's health before its December 2001 collapse into bankruptcy proceedings, when they allegedly knew accounting tricks masked losses and failing ventures.

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The defendants deny any wrongdoing and attribute Enron's failure to bad publicity and lost market confidence.

Lay also is awaiting a verdict in a bank fraud case that was tried before Lake without a jury during the first three full days of deliberations in the conspiracy case.

Lake has said he will announce his verdict in the bank case after the conspiracy jury renders its decision. Lay faces one count of bank fraud and three counts of making false statements to banks regarding his use of personal loans to buy stock. Each count carries a maximum penalty of 30 years in prison.

© 2006 Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.

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