Last month, the company announced it would move some of its accounting charges to different quarters in response to regulators' concerns.
An accounting charge cut the net of the quarter a year earlier to $21.9 million, or 56 cents a share.
They do not want regular stock options to cause an accounting charge.
But the jury also found him not guilty of "false accounting" charges.
The 1992 deficit was a result of an accounting charge for retiree-health benefits.
In the quarter a year ago, the company took an accounting charge related to retiree benefits.
Most of that came from a $20.8 billion one-time accounting charge for retiree health benefits.
Equitable Life said it lost $898 million last year, citing a large accounting charge.
The company said its operating profit, excluding certain accounting charges, rose 31 percent, to $719 million.
The utility said it expected lower income because of an accounting charge.
