HOUSTON -- Former Enron Corp. chairman and founder Ken Lay died of a massive heart attack early Wednesday, KPRC Local 2 reported.

Lay, 64, was admitted to the Aspen Valley Hospital with a massive coronary.

He died shortly after 3 a.m. with his wife, Linda, by his side, family members said.

The Lays were staying in Aspen at their vacation home. The family did not release any other details.

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Video: Team Coverage: Reaction To Lay's Death

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A Colorado coroner confirmed Wednesday afternoon that Lay died of natural causes.

"There was no evidence of foul play. The postmortem examination revealed that Mr. Lay had severe coronary artery disease. There was evidence that he had had a heart attack in the past," Dr. Rob Kurtzman said.

Lay's pastor said the death was unexpected.

Lay attended First Methodist Church, 1320 Main Street, in downtown Houston.

The pastor said he received a phone call Tuesday night alerting him that Lay suffered a heart attack. He spoke with Lay last week.

"He was at peace. He had great perspective on the situation. He felt like God could use him wherever that was, whether in jail, out of jail. Ken felt like he was ready to face the future," Senior Pastor Stephen Wende said.

Wende said that the collapse of Enron, the ensuing trial and the guilty verdict did not dim his vision, his enthusiasm or his faith.

"Ken Lay and his family were and are friends and neighbors of ours. Ken's long night is over. He is in eternity as a man of faith, strong faith. The thoughts and prayers of Elyse and I go out to his family," former Houston Mayor Bob Lanier said.

Lay Was Awaiting Punishment On Convictions

Lay was found guilty on May 25 on six counts of conspiracy to commit securities and wire fraud in a case born from one of the biggest business scandals in U.S. history.

The verdict put the blame for the 2001 demise of the high-profile energy trader squarely on its top two executives. It came in the sixth day of deliberations following a trial that lasted nearly four months.

In a separate, non-jury bank fraud trial, U.S. District Judge Sim Lake found Lay guilty of bank fraud and making false statements to banks related to his personal banking.

He was to be sentenced on Oct. 23. Lay's charges carried a maximum penalty of 45 years in prison for the corporate trial and 120 years in the personal banking trial.

Prosecutors were also trying to seize $43 million in assets at the time of Lay's death.

"You know, federal forfeiture is harder than Chinese math and I think that as long as there has been no forfeiture in place, there is a real question about whether the government will be able to get the money that it seeks," KPRC Local 2 legal analyst Brian Wice said.

Former Enron CEO Jeff Skilling, 52, was found guilty with Lay in the fraud trial. He was convicted of 19 of the 28 counts against him.

"(Skilling) is grieving today, as are many people, and trying to process what has happened. The last five years have been incredibly difficult for so many people. The Enron story continues to be a tragedy, and it is not over apparently," said Daniel Petrocelli, Skilling's lawyer.

Lay had built Enron into a widely admired company, the seventh-largest publicly traded in the country. But Enron collapsed after it was revealed the company's finances were based on a web of fraudulent partnerships and schemes, not the profits that it reported to investors and the public.

When Lay and Skilling went on trial in U.S. District Court Jan. 30, it had been expected that Lay, who enjoyed great popularity throughout Houston as chairman of the energy company, might be able to charm the jury. But during his testimony, Lay ended up coming across as irritable and combative.

He also sounded arrogant, defending his extravagant lifestyle, including a $200,000 yacht for wife Linda's birthday party, despite $100 million in personal debt and saying "it was difficult to turn off that lifestyle like a spigot."

Both he and Skilling maintained that there had been no wrongdoing at Enron, and that the company had been brought down by negative publicity that undermined investors' confidence.

Lay was born in Tyrone, Mo. and spent his childhood helping his family make ends meet. His father ran a general store and sold stoves until he became a minister. Lay delivered newspapers and mowed lawns to pitch in. He attended the University of Missouri, found his calling in economics, and went to work at Exxon Mobil Corp. predecessor Humble Oil & Refining upon graduation.

He joined the Navy, served his time at the Pentagon, and then served as undersecretary for the Department of the Interior before he returned to business. He became an executive at Florida Gas, then Transco Energy in Houston, and later became CEO of Houston Natural Gas. In 1985, HNG merged with InterNorth in Omaha, Neb. to form Enron, and Lay became chairman and CEO of the combined company the next year.

Former Enron Employees Shocked At Lay's Death

Former Enron employees were shocked by Lay's sudden death.

Some were disappointed that he never served time in prison.

"I don't think justice was served. Dying is easy. Serving time is hard," Lois Black said.

Black was a legal secretary at Enron. Now, she caters children's birthday parties to make ends meet after losing $150,000 in retirement savings.

"I’m sorry that he didn't have to serve time. I'm sorry for his family that he died. It's a huge loss to lose someone in your family like that. But, I think he got off easy," Black said.

"I was very shocked -- saddened. I feel for his family. I know that had to be a tragic loss for them. He's a father. He's a husband. I know how I would feel," Tracy Michel said.

"He's being judged by someone far better that I am. Just a guilty verdict was enough to make everybody realize that corporate executives are going to be held accountable. That was it. Whether he was sentenced to 20 years, 2 years, 5 years, it really didn't make any difference at that point," Penny Cretsinger said.

The former employees' attorneys said Lay's estate would still be liable for civil lawsuits. The amount is uncertain.