Timeline of the Enron scandal. By the time energy was deregulated in the 1980s Lay was already an energy company executive and he took advantage of the new climate when Omaha-based Internorth bought his company Houston Natural Gas and changed the name to Enron in 1985. Following the collapse of Enron his name outside the building was made 70% smaller.
He took a regional natural gas pipeline business and turned it into an energy conglomerate with a market capitalization of $70 billion betting the future on unregulated energy markets. On July 7 2004 Lay was indicted by a grand jury on 11 counts of securities fraud and related charges.