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Mighty Blow
CEO and Chairman
On July 7, 2004, Lay was indicted by a grand jury on 11 counts of securities fraud and related charges.
On January 31, 2006, following four and a half years of preparation by government prosecutors, Lay's trial began in Houston.
Lay was found guilty on May 25, 2006, of 10 counts against him; the judge dismissed the 11th.
Because each count carried a maximum 5- to 10-year sentence, legal experts said Lay could have faced 20 to 30 years in prison.
However, he died while vacationing in Snowmass, Colorado on July 5, 2006, about three and a half months before his scheduled October 23 sentencing.
Preliminary autopsy reports state that he died of a heart attack caused by coronary artery disease.