Schools, of Cumbria, denied three counts of fraudulent trading, one count of fraud and one count of transferring criminal property but was found guilty by an unanimous jury verdict.
Kennedy, of Houghton-le-Spring, Tyne and Wear, denied one count of fraudulent trading and the jury were not able to reach a decision in relation to this charge after 30 hours and 37 minutes deliberation.
The prosecution have 21 days to review their case and decide if they will seek a retrial.
In a statement, Emmett's solicitor Paul Schofield, said 'Richard and his family have had to endure enormous stress for almost five years.
'He has always protested his innocence, he has vigorously defended these proceedings and has now, at last, been vindicated by the correct verdicts returned by the jury and is delighted with the result.'
Eddie Beaver is a court reporter based at Southwark
