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Founder of Enron, Ken Lay Passes Away

by Medindia Content Team on July 6, 2006 at 10:40 AM
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Founder of Enron, Ken Lay Passes Away

Colorado: Ken Lay, the founder of Enron, who was admitted at the Aspen Valley Hospital with a massive coronary, passed away, in the early morning due to a heart attack.

The founder and the supposed mastermind behind the Enron scandal had succumbed to his illness just months before his impending sentence on his involvement in the scandal. In May the founder of the Enron Corp. was convicted on 10 counts of fraud and conspiracy on the investors and employees by repeatedly lying about Enron's finances.

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It was reported that one point in time, the company was ranked the seventh largest in the nation before the scandal and corruption had caused the company to collapse. Ken Lay and former Enron CEO, Jeffrey Skilling, were to have faced the judge for their sentence on 23rd Oct 2006. Legal experts were of the opinion that both men would face up to 40 years in prison for their actions. Ken Lay was supposedly a patient with a history of heart attack, as he had received previous treatment for his heart ailment. But many experts are of the opinion that he stress of the scandal and the ongoing trail could have been the major contributing cause for his massive coronary this time around.

Ken Lay is survived by a large family and friends. Kelly Kimberly, the family spokeswoman, in a statement said, "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."

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