... Lay was a generous father by nature, his son said. Kenneth Lay and Jeffrey Skilling were at the helm as the company collapsed, taking the jobs and savings of thousands along with it. NEW YORK (Reuters) - The widow of former Enron Corp Chief Executive Officer Kenneth Lay has settled long-running litigation brought by an entity that has been seeking money for creditors of the failed energy company. Convicted in May 2006, Lay was facing up to 30 years in prison when he died of a heart attack that July at age 64. On July 7, 2004, Lay was indicted by a grand jury in Houston, Texas, for his role in the company's failure. Former Enron chairman Kenneth Lay and his wife Linda face news cameras as they leave the the Bob Casey U.S. The case is The Official Committee of Unsecured Creditors of Enron Corp et al v. Lay et al, U.S. Bankruptcy Court, Southern District of New York, No. Upon his criminal conviction, the United States expected to seize whatever was left of his wealth. Enron sued the Lays over alleged fraudulent transfers that preceded the company’s December 2, 2001, bankruptcy: loans that Enron made to Kenneth Lay that he repaid with company stock, and Enron’s agreement to buy the annuities from the Lays for $10 million. Ken Lay's Children Inherit 4,000 Pensions. Lay helped create Enron in 1985 as a natural gas provider and presided as it grew into an energy-trading behemoth worth some $68 billion in 2000. Another former CEO, Jeffrey Skilling, was also convicted and awaits resentencing. "Whispering Ken": Victoria Police Chief Commissioner Ken Lay is resigning citing his wife's "serious illness". Linda Lay (C) widow of former Enron Chairman Ken Lay and daughter Robyn (L) leave memorial services for the Enron founder at the First United Methodist Church in Houston July 12, 2006. [17][18] In 1982, he joined Transco Energy Company, owner of the Transcontinental Pipeline, in Houston and held the positions of president, chief operating officer and director until 1984 when he became chairman and CEO of the Houston Natural Gas Company. [33], On October 17, 2006, the conviction was overturned due to abatement ab initio, a legal doctrine which says the death of a defendant during an appeal results in a vacated judgment. Ken Lay steps down as Victoria's police commissioner This article is more than 5 years old Police chief says he is stepping down to support his wife, Chris, who is suffering a serious illness Kenneth Lee Lay (April 15, 1942 – July 5, 2006) was the founder, CEO and Chairman of Enron and was heavily involved in the Enron scandal, a major accounting scandal that unraveled in 2001 in the largest bankruptcy ever to that date. Ken Lay sold off $90 million worth of stock during this period. The autopsy indicated that he died of a heart attack brought on by coronary artery disease, and found evidence that he had suffered a previous heart attack. Former Enron Chairman Ken Lay left everything to his wife, Linda Lay, according to his will filed Thursday with the Harris County Clerk's Office.. Lay was born and raised in the town of Korumburra in Victoria's South Gippsland region.. Police career. [34][35] The government opposed Lay's attorneys' motions of appeal and the United States Department of Justice issued a statement saying it remained committed to pursuing all available legal remedies for victims of the fraud. Lay was taken to Aspen Valley Hospital, where he was pronounced dead at 3:11 am MDT. He made monetary contributions, led several committees in the Republican Party and was co-chairman of Bush's 1992 re-election committee. He had two children, three stepchildren, and twelve grandchildren. Federal prosecutors are investigating whether the wife of former Enron Corp. Chairman Ken Lay illegally sold shares in the company just before it went bankrupt, a lawyer for Lay said Wednesday. [4], A private funeral for about 200 people was held in Aspen four days after his death. Kenneth Lay, the former Enron chief executive and chairman convicted on fraud and conspiracy charges, has died. ... “The Ken Lay … [8], Lay was one of America's highest-paid CEOs; between 1998 and 2001, he collected more than $220 million in cash and stock in Enron and sold 1.7 million shares. Lay was indicted by a grand jury[2] and was found guilty of 10 counts of securities fraud at the now infamous Enron trial. Ken Lay net worth: Ken Lay was an American businessman who had a net worth of negative $250,000 at the time of his death (but a peak net worth of $400 million). Bush replaced him with Joe Kelliher, a regulator nominated by — no points for guessing — Ken Lay. Federal prosecutors are investigating whether the wife of former Enron Corp. Chairman Ken Lay illegally sold shares in the company just before it went bankrupt, a lawyer for Lay ⦠But much of that money was based on shady accounting practices and losses not … Timeline: Ken Lay and the Arc of Enron July 5, 2006 Former Enron Chairman Kenneth Lay died at his vacation home in Aspen, Colo., on Wednesday. [16][17][18][a] In 1968, Lay entered the Officer Candidate School for the United States Navy where, from 1968 to 1971, he rose to the rank of lieutenant and was the special assistant to the Navy Comptroller and Financial Analyst at the Office of Assistant Secretary of the Navy in the Department of the Navy at The Pentagon. Ken Lay Begins New Trial For Bank Fraud HOUSTON - MAY 22: Former Enron chairman Kenneth Lay and his wife Linda face news cameras as they leave the the Bob Casey U.S. However, his death and the abatement rule ended any chance of criminal forfeiture – effectively leaving Mr. Lay’s estate to his family. A hearing before U.S. Bankruptcy Judge Arthur Gonzalez in Manhattan is set for July 7. -- ⦠Sources. At the time, this was the biggest bankruptcy in U.S. history. By November 28, 2001, Enron's share price dropped all the way down to $1. [10][11][12][13] However, during his trial in 2006, Lay claimed that Enron stock made up about 90% of his wealth, and that his net worth at that time was negative $250,000. He had two children, three stepchildren, and twelve grandchildren. Kenneth Lay, former CEO and chairman of Enron, was indicted in July 2004 by a Houston, Texas grand jury on securities fraud, wire fraud, and making false statements charges. In total, 20,000 … Federal authorities are investigating whether former Enron Chairman Ken Lay's wife acted improperly when she had their family foundation sell large quantities of ⦠The Death of Kenneth Lay conspiracy theorizes that Kenneth Lay’s death on July 5, 2006 was premature. When his Houston-based energy company, Enron, collapsed in 2001, there had never been anything like it. A general warranty deed for the home, dated February 1983, shows that Kenneth Lay and his wife, Linda Lay, originally paid $672,000 for the home. Linda Lay, wife of Ken, is back in the news! He was best known for being involved in the Enron scandal. On December 2, 2001, Enron filed for bankruptcy. 2003-02-04 04:00:00 PDT Houston-- Enron's creditors have sued Ken Lay and his wife, Linda, in New York bankruptcy court to recover more than $80 million worth of … In total, 20,000 employees lost their jobs and in many cases their life savings. Investors also lost billions of dollars. [15] Lay's father was a Baptist preacher and Lay grew up in poverty. [28], Lay's company, Enron, went bankrupt in 2001. It was attended by over 1,000 guests including George H. W. Bush and James Baker. Enron investigation turns to Ken Lay's wife Enron probe turns focus to Lay's wife Sale of stock before company filed bankruptcy raises questions. So something that is a little complicated is about as simple as anything gets. Download this stock image: Enron founder Ken Lay (L) and his wife Linda leave at the end of the first day of the second week of the Enron trial in federal court in Houston, Texas, February 6, 2006. The entire estate would then pass to his wife, Linda. Our Standards: The Thomson Reuters Trust Principles. Lawyers for Enron did not immediately return calls seeking comment. Lay helped create the company in 1985; by 2000, he had turned it from a simple natural-gas corporation into an energy-trading giant worth $68 billion. [3], Lay insisted that Enron's collapse was due to a conspiracy waged by short sellers, rogue executives, and the news media. But then Mrs Lay, 56, the wife of Kenneth Lay, the disgraced former chief executive of Enron, the bankrupt American energy company, is … 03-ap-02075. REUTERS/Richard Carson. She was an Enron secretary and a divorced mother of three when she met the man she called “Kenny … [16][17] He served as president of the Zeta Phi chapter of the Beta Theta Pi fraternity at the University of Missouri. Early life. https://www.sunsigns.org/famousbirthdays/d/profile/kenneth-lay [16][17][18] He worked at Humble Oil as an economist from 1965 to 1968 in the Corporate Planning Department. Enron creditors would not be able to touch a penny of it. Ken Lay, former Enron Corp. executive, left, and his wife Linda, right, leave the Bob Casey Federal Courthouse, in Houston, Texas, Wednesday, April 5, 2006. Bush replaced him with Joe Kelliher, a regulator nominated by â no points for guessing â Ken Lay. In Friday’s filing, Enron Creditors Recovery Corp, a successor to Enron, said the settlement is fair and resulted from mediation. The couple closed the sale of their last property here, a nearly 5,000-square-foot-home, for $5.5 million Thursday, according to listing broker Joshua Saslove. Ken Lay's son, Scott, and wife, Christine, watch on as the chief commissioner stands down. [30], Lay died on July 5, 2006, while vacationing in Colorado. MARY … [5][6][7], Lay left behind "a legacy of shame" characterized by "mismanagement and dishonesty". Courthouse for the midday break in his bank fraud trial May 22, 2006 in Houston, Texas. Download this stock image: ROBERT CONRAD with wife Joan Kenlay.Supplied by Photos inc.(Credit Image: © Supplied By Globe Photos Inc/Globe Photos/ZUMAPRESS.com) - CAY61F from Alamy's library of millions of high resolution stock photos, illustrations and vectors. ... Lay stipulated in his will that a large part of his embezzled fortune be donated to the many charities he and his wife Linda supported, including the Houston YMCA, where many former Enron employees now reside. In February 2001 Kenneth Lay stepped down as CEO of Enron handing the reins to Jeff Skilling. [9] His actions were the catalyst for subsequent and fundamental corporate reform in regard to "standards of leadership, governance, and accountability". [27] From 1999 to 2001, he gave $365,410 to the Republican Party. [17] He earned a Doctor of Philosophy in economics from the University of Houston in 1970. Lay joined Victoria Police in 1974, serving in Melbourne at Prahran before being stationed in regional Victoria including as an Inspector in his home town.. Ken and Linda Lay were married for 24 years. [24] As President, Lay flew Bush and his wife to Washington on an Enron corporate plane. The Trial of Kenneth Lay and Jeffrey Skilling commenced on January 30, 2006, in Houston. Bush. [3] Lay died in July 2006 while vacationing in his house near Aspen, Colorado, three months before his scheduled sentencing. The couple closed the sale of their last property here, a nearly 5,000-square-foot-home, for $5.5 million Thursday, according to listing broker Joshua Saslove. In some ways, Kenneth Lay was Enron. [25] In December 2000, Lay was mentioned as a possible candidate for United States Secretary of the Treasury under George W. Sentencing was scheduled for September 11, 2006 and rescheduled for October 23, 2006. It also said continuing to litigate might not be best because Kenneth Lay’s estate is insolvent and Linda Lay has “extremely limited” assets. The settlement requires court approval. Ken Lay was born in Tyrone, Missouri in April 1942 and passed away in July 2006. A Houston federal jury in May 2006 found Kenneth Lay guilty of fraud and conspiracy related to Enron’s collapse, but his death two months later led to his conviction being thrown out. Ken Lay says his name is synonymous with scandal — and for good reason. Ken Lay, Wife Lose $889,000 on Property ASPEN, Colo. (AP)--Former Enron chairman Ken Lay and his wife, Linda, took nearly $1 million in losses in selling their four properties in town. His body was cremated and his ashes were buried in an undisclosed location in the mountains. Linda Lay and Enron Creditors Recovery Corp agreed to split two annuity contracts, the primary assets in dispute, to settle the eight-year-old case, according to papers filed Friday with the U.S. bankruptcy court in Manhattan. He was pronounced dead in hospital shortly after 0300 local time on Wednesday. [17][c] He was also a member of the board of directors from 1993 to 2001 of Eli Lilly and Company[18] and a director at Texas Commerce Bank. Ken Lay , the son of a preacher man, reportedly died of a “massive heart attack” and was cremated without any public viewing in a tiny Colorado town. At the time of his death Lay was married to his second wife, whom he married in 1982. [23], Lay was a friend of the Bush family including former President George H. W. Bush. [29][3] On May 25, 2006, Lay was found guilty on six counts of conspiracy and fraud by the jury. … Layâs hand-picked federal regulator Wood then kept the game going until, on August 14, 2003, the entire northeast, from Ohio to New York, went dark. A spokeswoman for the Lay family, Kelly L. Kimberly, confirmed reports of Mr. Lay's death but declined to discuss specifics. Mr Lay suffered a heart attack at his holiday home near Aspen, Colorado. Wood had to take the blame and resigned. Lay was the founder, CEO and Chairman of Enron. Ken Lay has faked his own death in order to escape conviction (he would have been put away for life) and is not really dead (but roaming free with his ⦠[8] In 2009, Portfolio.com ranked Lay as the third-worst American CEO of all time. the smoking gun; Wikipedia Victoria police chief commissioner Ken Lay has resigned, citing family reasons. All quotes delayed a minimum of 15 minutes. [4] A preliminary autopsy reported Lay died of a myocardial infarction (heart attack) caused by coronary artery disease; his death resulted in a vacated judgment. Approving the settlement “would allow ECRC to maximize its potential recovery by having a tangible asset in hand, rather than the potential for future recovery contingent on a finding of liability and the solvency of the defendants,” it said. [1] [16] [26], From 1989 to 2002, Lay's political contributions totaled $5.8 million, with 73% going to Republicans, and 27% going to Democrats. [14], Lay was born in the Texas County, Missouri, town of Tyrone, the son of Omer and Ruth (née Rees) Lay. It seems a little pious, a little practised. Lay's company, Enron, went bankrupt in 2001. Lay’s hand-picked federal regulator Wood then kept the game going until, on August 14, 2003, the entire northeast, from Ohio to New York, went dark. “It resolves all remaining litigation between Enron, Mrs. Lay and Kenneth Lay’s estate,” Martin Siegel, a partner at Brown Rudnick representing Linda Lay, said in an interview. At the time, this was the biggest bankruptcy in U.S. history. For the Chief Commissioner of Victoria Police, see, On January 1, 1973, Humble Oil Refining merged with its parent, Standard Oil of New Jersey, to form, In 1983, Northern Natural Gas, owner of the, Trial of Kenneth Lay and Jeffrey Skilling, "Kenneth and Linda Phillips Lay Marriage Profile", "Portfolio's Worst American CEOs of All Time", "ENRON'S COLLAPSE; Before Debacle, Enron Insiders Cashed In", "U.S., Lay estate ink $12M pension settlement", "Substitute the name "ExxonCompany, U.S.A." for the name "Humble Oil and Refining Company, "Pipeline retirees in Omaha hurt by Enron collapse: Former subsidiary once was the pride of Nebraska city", "Berkshire to Buy a Gas Pipeline From Dynegy", "Commentary: Ken Lay's Audacious Ignorance", "Kenneth L. Lay, 64, Enron Founder and Symbol of Corporate Excess, Dies", "Ken Lay Biography and Political Campaign Contributions", "Lay victim of `lynching,' speaker at service says", "Judge Throws Out Kenneth Lay's Conviction", "Lay's Estate And DOJ Prepare For Battle", "Lawyers Seek to Throw Out Lay Conviction", Calling Inquiries a Distraction, Enron Chief Quits Under Pressure, The New York Times, January 24, 2002, Ken Lay's political campaign contributions, https://en.wikipedia.org/w/index.php?title=Kenneth_Lay&oldid=993212903, Pages using Infobox person with deprecated parameter home town, Wikipedia articles with WORLDCATID identifiers, Creative Commons Attribution-ShareAlike License, This page was last edited on 9 December 2020, at 11:30. Reporting by Jonathan Stempel; Additional reporting by Tanya Agrawal in Bangalore; Editing by Lisa Von Ahn. [36][37], At the time of his death Lay was married to his second wife, whom he married in 1982. 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