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 Wednesday, July 05, 2006 |
BREAKING NEWS ~ Former Enron founder Ken Lay dead
Jeannie Shawl at 10:09 AM ET
[JURIST] CNN is reporting that former Enron founder Kenneth Lay [defense website; Houston Chronicle profile; JURIST news archive] is dead. According to a spokesman for Lay's family, Lay suffered a massive heart attack in Aspen, Colorado on Tuesday evening. Lay, along with former Enron executive Jeffrey Skilling [Houston Chronicle profile], was convicted [JURIST report] in May on fraud and conspiracy charges [indictment, PDF] for providing investors with false and misleading financial information from 1999 up until Enron [JURIST news archive] filed bankruptcy in late 2001.
The 64-year-old Lay was awaiting sentencing [JURIST report] and faced a maximum sentence of 45 years in prison.
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Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible, ad-free format.
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