Former Enron chairman and chief executive Kenneth Lay, awaiting sentencing after being convicted of fraud and conspiracy charges, has died, United States media reported on Wednesday.
WASHINGTON: Former Enron chairman and chief executive Kenneth Lay, awaiting sentencing after being convicted of fraud and conspiracy charges, has died, United States media reported on Wednesday.
"Ken Lay passed away early this morning in Aspen," said a family statement read out on CNN. "...Out of respect for the family we will release no further details at this time."
CNBC television said Lay died of a heart attack at a family home in Aspen, Colorado.
Lay, 64, and former CEO Jeffrey Skilling, 52, were convicted in May of setting up an elaborate scheme to deceive investors over Enron's crumbling finances prior to what was then the largest corporate bankruptcy in US history.
Lay and Skilling's sentencing had been set for October 23.
A prominent Republican fundraiser, Lay was found guilty of six fraud and conspiracy charges, and federal bank fraud charges in a separate trial. He faced a maximum of 165 years in jail.
The former chairman of the scandal-ridden bankrupt company was nicknamed Kenny Boy by President George W Bush.
Enron scandal timeline
2001
October 16: Enron Corp, one of the largest US corporations, announces a $618 million quarterly loss, citing exceptional charges of $1 billion.
October 22: The Securities and Exchange Commission opens an inquiry into Enron. Chief financial officer Andrew Fastow is fired after Enron is forced to write down its equity value by $1.2 billion.
November 28: Enron's credit rating sinks to junk status. Shares tumble to 65 cents, a 98 percent drop from October 16.
December 2: Enron files for Chapter 11 bankruptcy protection, the biggest corporate failure in US history at the time.
2002
January 23: Kenneth Lay resigns as chief executive.
January 25: Former company vice president Cliff Baxter, who resigned in May 2001 after criticizing company practices, is found dead in his car, an apparent suicide.
July 30: President George W Bush signs into law sweeping corporate reform legislation, the Sarbanes-Oxley Act, vowing a crackdown on executives who defraud investors.
August 28: A bankruptcy court approves a deal giving thousands of Enron employees who lost their jobs up to $13,500 each in severance pay.
2004
January 14: Fastow pleads guilty to conspiracy and fraud charges in a deal giving him 10 years in prison. His wife enters a separate plea agreement and is sentenced to one year in jail.
2006
May 25: A Houston jury finds Skilling, 52, and Lay, 64, guilty of fraud and conspiracy. Both face lengthy prison terms with sentencing set for October 23.
July 5: Lay dies of a heart attack while in Aspen, Colorado.
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