Enron founder Kenneth Lay dies of heart attack.

By Brendan Smith
brendansmith@transworldnews.com

The man that will forever be linked to one of the largest corporate fraud cases in U.S. history, Kenneth Lay, died today. The 64 year old Lay, who was to be sentenced on October 23, 2006 for his role in defrauding investors and Enron employees, suffered a heart attack while in Aspen, Colorado.

Lay, along with fellow Enron executive Jeffrey Skilling, had been convicted of conspiracy to commit securities and wire fraud on May 25, 2006. The May verdict, handed down by U.S. District Judge Sim Lake, ended a four month trial that centered on the pairs role in the collapse of the seventh-largest company in the nation.

It is estimated that the fall of Enron removed $60 billion in market value, over $2 billion in pension plans and 5,600 jobs

Lay was to face a maximum of 45 years in prison for his corporate crimes while Skilling’s sentence carries a maximum of 185 years.

The government had filed a motion seeking at least 43 million in Lay’s assets along with money he received in bonuses. It is uncertain whether or not the government will seek to retrieve these assets from Lay’s estate.

To listen to the TransWorldNews audio interview with Stephen Bainbridge, professor of law at UCLA, concerning the Enron verdict please go to:

http://www.transworldnews.com/Interviews.aspx

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