One of the masterminds behind the Enron business scandal, Ken Lay, has died. He passed away in Aspen, Colorado at age 64. This news comes months before he was to be sentenced for his involvement in the Enron scandal. Lay was admitted to the Aspen Valley Hospital overnight with a massive coronary and his heart gave out during the early morning.
May 25th marked the day that Ken Lay was found guilty of 10 counts of fraud and conspiracy related to the fall of Enron. Ken Lay was the founder of the company and, at one point in time, the company was ranked the nation’s seventh largest company before scandal and corruption caused the company to fold. Oct. 23rd, 2006 was to be the day Ken Lay and former Enron CEO, Jeffrey Skilling, would face the judge and would be sentenced. It was estimated by legal experts that both men would face up to 40 years in prison for their actions.
Ken Lay was seen as a smooth talker and many analysts thought he would be able to talk his way out of the scandal. But, during the trial, Lay was seen as rude, grouchy, and arrogant. The jury had no choice but to convict him and Skilling of insider trading, and lying to stock holders. So the once-owners of a $101 billion a year company found themselves at the end of a losing battle. Thus the death of Ken Lay marked the stress and anguish that he must have been facing as the October 23rd date moved closer.
Key Lay is survived by a numerous family and friends. In a statement released earlier today by Kelly Kimberly, the faily spokeswoman, “the Lays have a very large family with whom they need to communicate, and out of respect for the family we will release further details at a later time.”
More details on the death of Ken Lay will be released in the days to come.