On July 4, 2006, Enron founder Kenneth Lay died after suffering a massive heart attack in Aspen, Colorado. Lay, along with former Enron executive Jeffrey Skilling, had been convicted in May 2006 on charges of fraud and conspiracy. They had both provided investors with false and misleading financial information from 1999 up until Enron filed for bankruptcy in late 2001a corporate collapse which led to great economic hardship for thousands of investors in the landmark company. Lay died before he could be sentenced, following a decision to delay the proceeding against the former executives. Lay was facing a combined maximum punishment of 45 years at the time of his death. Skilling was ultimately sentenced to 24 years in prison.
Learn more about the Enron scandal from the JURIST news archive.