GREENVILLE — Jurors rejected Earle E. Morris Jr.’s claim he was just another victim in the collapse of Carolina Investors Inc., taking five hours Thursday to convict the former lieutenant governor on 22 counts of securities fraud.

A six-man, six-woman jury from Florence decided that by telling investors the company he chaired was “solid as the Rock of Gibraltar” in the months before it failed, Morris was a willing participant in a scheme to defraud.

Members of his family — his daughters, former wife Jane and current wife Carol — grew increasingly teary-eyed as Lisa Dunbar, clerk of the state grand jury, repeated, “Guilty.”

Sentencing was set to start at 10 this morning. Over the state’s objection, Judge James W. Johnson Jr. ruled Morris could remain out of jail on a personal recognizance bond, “because of different and extenuating circumstances.”

Neither Johnson nor the defense team would comment about the ruling that lets Morris stay out of jail. Moments after the trial ended, Morris was quickly ushered through a back door and out of the courtroom.

Lead defense attorney Joel Collins spent most of the day traveling to and from Columbia. He was not in the courtroom when the verdict was delivered, and left without comment.

Throughout the trial, the defense stressed Morris’ declining health and his five decades of public service. Two former governors and a former state chief justice were among his character witnesses.

The defense has 10 days to appeal the verdict.

A visibly relieved lead prosecutor, Sherri Lyndon, deferred questions to her boss, S.C. Attorney General Henry McMaster.

“I think, based on the evidence, the jury made the right decision,” said McMaster, who a week ago was called as a hostile defense witness.

McMaster said he thinks Morris, 76, should have been taken into custody instead of staying out of jail for at least one more night.

“A flight risk, you never know,” McMaster said. “You’d think not.”

Morris’ conviction is the second after the spring 2003 collapse of Carolina Investors. Former president Larry C. Owen, who testified for prosecutors, is in jail awaiting sentencing on 22 similar counts. His wife, Anne, is charged with eight counts.

McMaster would not say what will happen next in the case, saying only that the investigation continues.

Lawyers throughout the trial named several officials from HomeGold Financial Inc., parent of Carolina Investors, who they say provided faulty financial information to Morris.

Prosecutors showed Morris knew he was receiving inaccurate information, but he chose to offer only good news to investors.

Now, the next target could be HomeGold officials who provided that information.

Asked about future indictments, though, McMaster would only say, “We are following evidence where it leads.”

Reach Werner at (803) 771-8509 or bwerner@thestate.com