Sentence of ex Enron CEO reduced to 14 years
June 23 , 2013
The sentence of Jeffrey Skilling has been reduced from 24 years to 14 years. The erstwhile chief executive officer of Enron Corp has been trying to prove for almost 10 years that he did nothing wrong during his career as one of the top officials of what was once regarded as one of the leading energy trading companies of the world.
The decision has been made by Simeon Lake, a US District Judge. Lake has consented to an agreement reached between the lawyers representing Skilling and the federal prosecutors and this will bring to an end years of appeal. Skilling had been convicted in 2006 and since then his total wealth, which is estimated to be in excess of 40 million dollars, has been frozen. Now this amount will be distributed among the people who had been hit when Enron collapsed.
In May 2006, a jury had found Skilling guilty of 19 instances pertaining to treason, insider trading, fraudulent practices with securities and providing false information to the auditors. He was accused of behaving as if the company was successful when in reality business was taking a nosedive. Kenneth Lay, who established the company, was also held responsible on several accounts of fraud and conspiracy. He passed away from cardiac failure six weeks after the trial came to an end.