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Kenneth Lee Lay April 15, — July 5, was an American businessman best known for his involvement in the Enron scandal. Enron used misleading and illegal practices to hide, embezzle and mislead funds from its auditor Arthur Andersen , which was the fifth largest such company in the world. When the deception was discovered in , the Enron scandal was the largest bankruptcy in the world and destroyed Arthur Andersen for not having discovered the fraud.
Lay was indicted by a grand jury  and was found guilty of 10 counts of securities fraud. Lay worked from to as a technical assistant to commissioner and vice chairman federal energy regulator of the Federal Power Commission and served as the energy deputy under secretary for the United States Department of Interior until Lay was a friend of the Bush family including former President George H.
He made monetary contributions, led several committees in the Republican Party and was co-chairman of Bush's re-election committee. Lay's company, Enron, went bankrupt in At the time, this was the biggest bankruptcy in U. In total 20, employees lost their jobs and in many cases their life savings. Investors also lost billions of dollars. On July 7, , Lay was indicted by a grand jury in Houston, Texas , for his role in the company's failure.
Lay was charged, in a page indictment, with 11 counts of securities fraud , wire fraud , and making false and misleading statements. The trial commenced on January 30, , in Houston. He insisted that Enron's collapse was due to a conspiracy waged by short sellers, rogue executives, and the news media. In a separate bench trial, Judge Lake ruled that Lay was guilty of four additional counts of fraud and making false statements. Sentencing was scheduled for September 11, and rescheduled for October 23, Lay died on July 5, , while vacationing in Colorado.
Lay was taken to Aspen Valley Hospital, where he was pronounced dead at 3: 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 for about people was held in Aspen four days after his death. His body was cremated and his ashes were buried in an undisclosed location in the mountains.
It was attended by 1, guests including former President George H. On October 17, his conviction was overturned due to abatement ab initio , a legal doctrine which says the death of a defendant during an appeal vacates the conviction.
Lay left behind "a legacy of shame" characterized by "mismanagement and dishonesty". At the time of his death Lay was married to his second wife, whom he married in He had two children, three stepchildren, and twelve grandchildren. From Wikipedia, the free encyclopedia. Write a customer review. Showing of 1 reviews. Top Reviews Most recent Top Reviews.
There was a problem filtering reviews right now. Please try again later. There have been many popular, sensationalist, books on Enron. This one which has been overlooked, stands the test of time. It focuses on the ethics of the situation s and concludes that for a long time they were operating, arguably, within the law but not ethically.
It was toward the end that desperate actions were taken which were lawless. We should be always mindful that the law is a low level of morality and that ethics calls for a higher standard.
There have recently been an endless number of individuals confessing their lawlessness to reduce their sentence or save some of their loss of reputation. According to this book the loopholes are present but the perpetrators at different levels are revealling an extremely low sense of ethics.
The question that always has to be asked is: Are these people so self centred that the corporate ethics don't matter to them or is the corporate ethics code so flexible to accommodate most kinds of behaviour? One person found this helpful. Pages with related products. See and discover other items: There's a problem loading this menu right now.
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