Kenneth+Lay

Kenneth Lay borned on April 15, 1942 to Ruth and Omer Lay in Tyrone, Missouri. During his intermission before High school, he moved to Columbia, Missouri, where he attended at Hickman High School that following year. After his High school career, he then admitted to the University of Missouri where he major in Economics. In 1964, he received his B.A., M.A in 1965, and lastly he received his Ph.D from the University of Houston in 1970.

In 1980s energy were deregulated, and since Kenneth was already an energy company executive, he took advantage of this situation when Internorth bought his company Houston Natural Gas and changed the name to Enron in 1985.

In 1985 Lay took the position CEO of Enron until the downfall of Enron on January 23, 2002.

Kenneth Lay repeatedly lied to cover up accounting tricks and business failures. Plus, tried to hide the status of the company by selling a boosterish optimism to Wall Street and the public. Furthermore, Lay used securities and wire fraud to scam clients.

On January 30, 2006, Lay was charged with 11 counts of security and wired fraud and making false and misleading statements. Then on May 25, 2006, Lay was also found guilty on six counts of conspiracy and fraud. Furthermore, in a separate bench trial, Lay was also guilty of four counts of fraud and false statements too. His sentencing was scheduled to take place on 11 September 2006, but was later rescheduled for 23 October 2006. However, Lay died on July 5, 2006, while vacationing in Colorado from a heart attack.

Source(s): [] []

Picuture Source(s): [] [] []