Enron founder Kenneth Lay dies | india | Hindustan Times
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Enron founder Kenneth Lay dies

india Updated: Jul 05, 2006 20:29 IST
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Former Enron chairman and chief executive Kenneth Lay, awaiting sentence after being convicted of fraud and conspiracy charges, passes away on Wednesday, US media reported.

"Kenneth Lay passed away early this morning in Aspen," said a family statement read out on CNN.

"Out of respect for the family we will release no further details at this time."
CNBC said.

Lay, 64, and former CEO Jeffrey Skilling, 52, were convicted of setting up an elaborate scheme to deceive investors over Enron's crumbling finances prior to what was then the largest corporate bankruptcy in US history.

Lay and Skilling's sentencing had been set for October 23.

A prominent Republican fund raiser, Lay was found guilty of six fraud and conspiracy charges, and federal bank fraud charges in a separate trial.