CNN Money has reported that former Enron CEO Ken Lay was found dead last week. The cause of his death was determined to be "coronary artery disease". In May this year, Lay was found guilty of several counts of fraud and conspiracy related to the collapse of Enron several years. The Enron case was one of the biggest instances of cooking the books with the involvement of of the big accounting firms of the day.
Lay was scheduled for sentencing on Oct. 23 along with Enron’s former chief executive Jeffrey Skilling, who was found guilty of 19 counts of conspiracy, fraud, making false statements and insider trading.
Both men faced 25 to 40 years behind bars, legal experts said.
Presiding Judge Sim Lake originally scheduled sentencing for Sept. 11.
While it’s still unclear whether Lay’s sudden death will have any impact on Skilling’s sentencing, legal experts said it was unlikely that Judge Lake would grant another postponement.
But Lay’s family may still face the music when it comes to the barrage of civil lawsuits filed against him.
(via GigaOm)
Tags: ken lay, lay dead, enron, jeffrey skilling, fraud, conspiracy
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