x
Breaking News
More () »

Memorial set for Enron founder Ken Lay

WTHR.com is the news leader for Indianapolis and Central Indiana. Get the best news, weather, sports and traffic information from Channel 13.
5139536_BG1
Houston - Family and friends of Enron Corp. founder Kenneth Lay began saying their goodbyes in the same peaceful mountain setting where he died last week of heart disease.


Far more will do the same a few blocks from the failed energy company's former headquarters where Lay was once hailed as a visionary business leader before financial scandal destroyed the company and his reputation.

Lay, 64, died July 5 in Aspen, Colorado with his wife, Linda. About 200 friends and family attended a memorial service Sunday in the ski resort town.

The second service, expected to have a much larger attendance, will be Wednesday at Houston's First United Methodist Church. Lay attended the church for about 12 years.

Lay and former Enron CEO Jeffrey Skilling were convicted in May of fraud by repeatedly lying to investors and employees about the company's financial health before Enron careened into bankruptcy proceedings in December 2001.

Skilling, 52, attended the Aspen service and planned to attend Wednesday's service in Houston as well, said his attorney, Daniel Petrocelli.

The two men were the public faces of Enron throughout its days as a premier trading company that enjoyed Wall Street's adoration and grew into the nation's seventh-largest company. They also fell hard, vilified as masterminds of a massive fraud that fueled a flameout that left thousands jobless and wiped out billions from investors.

They insisted at their trial that they committed no crimes and no fraud occurred at Enron except for a few executives who secretly skimmed money.

A jury convicted Lay of six counts of fraud and conspiracy and Skilling of 19 of 28 counts of fraud, conspiracy, insider trading and lying to auditors. Lay also was convicted of bank fraud and lying to banks in a separate, non-jury trial related to his personal banking.

Little mention was made of Enron during Lay's Aspen service, and the same is expected for the Houston service. Before Enron crashed, Lay was a highly respected business leader and philanthropist in the nation's fourth-largest city with a powerful circle of friends that included President Bush as well as former President George H.W. Bush.

Security was tight for the Aspen service, and attendees were allowed in only if their names appeared on the guest list. Security won't be as stringent at Wednesday's service in a much larger sanctuary that can seat up to 1,500.

Kimberly said Tuesday that the service will be open to friends and family, and attendees don't have to be on a guest list to be admitted. Media will be barred from the service.

(Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.)

Before You Leave, Check This Out