Ken Lay's final fraud
Months before he was to be sentenced, Lay kicks the bucket.
Convicted Enron Corp. founder Ken Lay, who was found guilty of helping perpetuate one of the most sprawling business frauds in U.S. history, has died of a massive coronary. He was 64.
Nicknamed "Kenny Boy'' by President Bush, Lay led Enron's meteoric rise from a staid natural gas pipeline company formed by a 1985 merger to an energy and trading conglomerate that reached No. 7 on the Fortune 500 in 2000 and claimed $101 billion in annual revenues.
He was convicted May 25 along with former Enron CEO Jeffrey Skilling of defrauding investors and employees by repeatedly lying about Enron's financial strength in the months before the company plummeted into bankruptcy protection in December 2001. Lay was also convicted in a separate non-jury trial of bank fraud and making false statements to banks, charges related to his personal finances. He was scheduled to be sentenced Oct. 23.
Convicted Enron Corp. founder Ken Lay, who was found guilty of helping perpetuate one of the most sprawling business frauds in U.S. history, has died of a massive coronary. He was 64.
Nicknamed "Kenny Boy'' by President Bush, Lay led Enron's meteoric rise from a staid natural gas pipeline company formed by a 1985 merger to an energy and trading conglomerate that reached No. 7 on the Fortune 500 in 2000 and claimed $101 billion in annual revenues.
He was convicted May 25 along with former Enron CEO Jeffrey Skilling of defrauding investors and employees by repeatedly lying about Enron's financial strength in the months before the company plummeted into bankruptcy protection in December 2001. Lay was also convicted in a separate non-jury trial of bank fraud and making false statements to banks, charges related to his personal finances. He was scheduled to be sentenced Oct. 23.
posted by Matt Sandwich | 10:14 AM
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