Enron Founder Kenneth Lay Dies

Kenneth Lay, Enron Corp. founder died July 5 of a heart attack. He was 64.

Lay was found guilty on May 25 of 10 counts of fraud and conspiracy related to the collapse of Enron. A sentencing schedule was to be held Oct. 23. He faced a maximum of 45 years in prison for his role in deceiving investors and up to 120 years in prison in a separate case in which he was found guilty of fraud and conspiracy charges

As chairman and CEO of Enron, Lay oversaw the rapid collapse of Enron in December 2001 with estimated losses of more than $40 billion. It was then the biggest corporate bankruptcy in history, precipitated by revelations that the company had used questionable accounting and arcane financing vehicles to hide billions in debt.