HOUSTON - Enron Corp. founder Kenneth Lay, who was convicted of helping perpetuate one of the most sprawling business frauds in U.S. history, has died of a heart attack in Colorado. He was 64.
A secretary at his church and another secretary for his lead criminal lawyer, Michael Ramsey, both confirmed the death. Lay, who lived in Houston, frequently vacationed in Colorado.
Lay, who faced life in prison, was scheduled to be sentenced Oct. 23.
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Lay had built Enron into a high-profile, widely admired company, the seventh-largest publicly traded in the country. But Enron collapsed after it was revealed the company's finances were based on a web of fraudulent partnerships and schemes, not the profits that it reported to investors and the public.
When Lay and Skilling went on trial in U.S. District Court Jan. 30, it had been expected that Lay, who enjoyed great popularity throughout Houston as chairman of the energy company, might be able to charm the jury. But during his testimony, Lay ended up coming across as irritable and combative.
He also sounded arrogant, defending his extravagant lifestyle, including a $200,000 yacht for wife Linda's birthday party, despite $100 million in personal debt and saying "it was difficult to turn off that lifestyle like a spigot."
Both he and Skilling maintained that there had been no wrongdoing at Enron, and that the company had been brought down by negative publicity that undermined investors' confidence.
So long, Kenny-Boy.
(I wonder if Bush will attend the funeral?)
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