Wednesday, July 5, 2006
Lay was found guilty of six counts of fraud and conspiracy related to the Enron scandal on May 25, 2006 and convicted on four counts of bank fraud in a separate non-jury trial. He was awaiting a sentencing on October 23 and faced the possibility of spending the rest of his life in prison.
In 2001, Enron went bankrupt with debts of $31.8bn (£18bn), and 4,000 people were left jobless.
As a result of Lay’s death prior to exhausting his appeals, his conviction is abated, and Lay is legally considered never to have been indicted or convicted of criminal charges.