Kenneth Lay

Because each count carried a maximum 5- to 10-year sentence, legal experts said Lay could have faced 20 to 30 years in prison. Read Less

There have been conspiracy theories surrounding his death.

Lay was born in Tyrone, Missouri, the son of Ruth (née Rees) and Omer Lay. His father was a Baptist preacher and some-time tractor salesman. When Lay was a child, he delivered newspapers and mowed lawns. Early on, he moved to Columbia, Missouri and attended David H. Hickman High School and the University of Missouri where he studied economics, receiving a B.A. in 1964 and an M.A. in 1965. He served as president of the Zeta Phi chapter of the Beta Theta Pi fraternity at the University of Missouri. Read Less

In a separate bench trial, Judge Lake ruled Lay was guilty of four counts of fraud and false statements. Sentencing was scheduled to take place on 11 September 2006, but was later rescheduled for 23 October 2006.

A number of books have been written on Lay and Enron including Conspiracy of Fools (2005), Icarus in the Boardroom, The Tao of Enron: Spiritual Lessons from a Fortune 500 Fallout (2002), Enron: Anatomy of Greed (2001), The Smartest Guys in the Room (2003), 24 Days, Business Fairy Tales and Power Failure. The Smartest Guys in the Room was adapted into a documentary film titled Enron: The Smartest Guys in the Room, released in 2005. Read Less

The Pitkin Sheriff's Department confirmed that officers were called to Lay's house in Old Snowmass, Colorado, near Aspen at 1:41 AM MDT. Lay was taken to Aspen Valley Hospital, where he was pronounced dead at 3:11 AM MDT. The autopsy indicated that he died of a heart attack brought on by coronary artery disease, and found evidence that he had suffered a previous heart attack.

A private funeral with around 200 in attendance was held in Aspen four days after his death, his body cremated and the ashes buried in a secret location in the mountains. A memorial was held a week after his death at the First United Methodist Church in Houston, attended by nearly 1,200 guests including former President George H. W. Bush, who did not speak. Read Less

Precedent in the Fifth Circuit Court of Appeals, the federal appellate court governing the district where Lay was indicted, indicates that abatement had to be automatically granted. When abatement occurs, the law views it as though he had never been indicted, tried and convicted. The government opposed Lay's attorneys' motion for abatement, and the Department of Justice issued a statement that it "remains committed to pursuing all available legal remedies and to reclaim for victims the proceeds of crimes committed by Ken Lay." Civil suits are expected to continue against Lay's estate. However, according to legal expert Joel Androphy, claimants may not seek punitive damages against a deceased defendant, only compensatory damages.

Lay's death has given rise to various conspiracy theories claiming he is still alive. Suspicions include the timing of his death (while awaiting sentencing in a case several colleagues had already been convicted for), the fact that he was on vacation in a rural and unpopulated part of Colorado, the cremation of his body after death, and his close relationship with the Bush family. His autopsy report also contains an error concerning his date of death; in one instance July 5, which was a Wednesday, is listed as "Tuesday." Read Less