Kenneth Lay, the disgraced founder of Enron, has died. In May, he was found on charges of fraud and conspiracy.
Ken Lay, the disgraced founder of Enron Corp. who was convicted in May on charges of fraud and conspiracy, has died. He was scheduled to be sentenced in October. Lay, who was 64, died of a heart attack at a family home in Aspen, Colorado. Lay's pastor and lawyer have both confirmed his passing.
On May 25, a Houston jury convicted Ken Lay and former chief executive Jeffery Skilling in a criminal trial about the demise of Enron. Lay was convicted on six counts of fraud and conspiracy linked to the downfall of the organization he helped build into the seventh-largest company in the U.S. Lay faced up to 45 years in prison. He was free on a $5 million USD bond at the time of his death. He was ordered to surrender his passport before he left the Houston courthouse in May. Lay was also convicted on a count of bank fraud and three counts of making false statements to banks in a separate trial involving Lay's personal banking. He faced up to 120 years in prison for those convictions.
Check it out at CBC News: http://www.cbc.ca/story/business/national/2006/07/05/lay-dead.html
Ken Lay, the disgraced founder of Enron Corp. who was convicted in May on charges of fraud and conspiracy, has died. He was scheduled to be sentenced in October. Lay, who was 64, died of a heart attack at a family home in Aspen, Colorado. Lay's pastor and lawyer have both confirmed his passing.
On May 25, a Houston jury convicted Ken Lay and former chief executive Jeffery Skilling in a criminal trial about the demise of Enron. Lay was convicted on six counts of fraud and conspiracy linked to the downfall of the organization he helped build into the seventh-largest company in the U.S. Lay faced up to 45 years in prison. He was free on a $5 million USD bond at the time of his death. He was ordered to surrender his passport before he left the Houston courthouse in May. Lay was also convicted on a count of bank fraud and three counts of making false statements to banks in a separate trial involving Lay's personal banking. He faced up to 120 years in prison for those convictions.
Check it out at CBC News: http://www.cbc.ca/story/business/national/2006/07/05/lay-dead.html