110 Kenneth Lay

Full Name: Kenneth Lee Lay

Ken Lay

Date: 7/7/2004

Charged with: , ,

Ken Lay was the CEO and chairman of Enron from 1985 until 2002. The U.S. Marshals Service took this mug shot after Kenneth Lay was indicted by a grand jury in Texas on fraud, wire fraud, and making false statements. The charges stemmed after Lay dumped nearly $300 million in stock options in the company because he knew that the company was declining, all the while telling his employees to continue purchasing stock. The company’s stock ultimately went from a high of $90/share in 2000 to a low of $1/share in 2001. Lay was able to dump his stock in time but the rest of the shareholders lost nearly $11 billion by the time the company filed bankruptcy at the end of 2001. Lay was convicted in May 2006 and would have been sentenced to up to 30 years in prison; however he died of a heart in July 2006 before being sentenced. Lay, who was only 64-years old, on vacation in Snowmass, Colorado at the time of his dead. As a result of his death, the federal judge vacated his conviction.

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