Kenneth Lay, American businessman (d. 2006)
Kenneth Lee Lay (April 15, 1942 – July 5, 2006) was the American founder, CEO and chairman of Enron who was heavily involved in the eponymous accounting scandal that unraveled in 2001 into the largest bankruptcy ever to that date. Lay was indicted by a grand jury and was found guilty of 10 counts of securities fraud at trial. Lay died in July 2006 while vacationing in his house near Aspen, Colorado, three months before his scheduled sentencing. A preliminary autopsy reported Lay died of a heart attack caused by coronary artery disease. His death resulted in a vacated judgment.Lay left behind "a legacy of shame" characterized by "mismanagement and dishonesty". In 2009 a list posted on portfolio.com ranked Lay as the third-worst American CEO of all time. His actions were the catalyst for subsequent and fundamental corporate reform in regard to "standards of leadership, governance, and accountability".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,
selling 1.7 million of those shares. 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.