Houston: Enron founder Kenneth Lay, who was awaiting a sentence for perpetuating frauds in the former energy giant, died of a massive heart attack on Wednesday.
Lay, former chairman and chief executive of the scandal-ridden bankrupt company, died in Aspen in Colarado state. He was 64.
He had been admitted to the Aspen Valley Hospital with a massive coronary, sources said.
Doctors said his heart simply "gave out" but the death was unexpected.
"The Lays have a very large family with whom they need to communicate and out of respect for the family, we will release details on a later date," family spokeswomen Kelly Kimberly said in a statement.
Lay, who had been nicknamed "Kenny Boy" by US President George W Bush, was awaiting sentencing and faced more than 20 years in prison after being convicted of helping perpetuate one of the most sprawling business frauds in US history.
He was found guilty on May 25, along with former Enron CEO Jeffrey Skilling, on 10 counts of fraud and conspiracy.
It included lying to investors about the health of the once seventh-largest company in the US while he enriched himself by selling millions of dollars worth of stock.
He was also convicted in a separate non-jury trial of bank fraud and making false statements to banks.
He was scheduled to be sentenced on October 23 and his charges carried a maximum penalty of 45 years in prison for the corporate trial and 120 years in the personal banking trial.
Comments
0 comment