Kenneth Lay was the former CEO of the Enron Corporation. His name, along with the Enron, have gone down in history as being notorious examples of accounting fraud. On July 7, 2004 Lay was idicted on 11 counts of securities fraud, and other illegal activities related to the Enron scandal. Lay, along with his former CFO Jeffery Skillings were found guilty on 10 of the 11 counts, but Lay died of a heart attack before he could serve any sentence.
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Professional Profile
Lay began his professional career as an economist for the Exxon Corporation. He became Undersecretary for energy issues for the U.S. Department of the Interior in 1972, during the Nixon administration. In 1984 he became the CEO of Houston Natural Gas. InterNorth purchased Houston Natural Gas in [1985]], and formed Enron. Lay becam Enron's CEO five years later.
