Skilling Gets 24 Years
Still maintaining his innocence, former Enron CEO Jeffrey Skilling was sentenced Monday to 24 years for his role in the collapse of the energy giant. Skilling’s remaining assets will be liquidated, with about $45 million going to a victims’ fund.
AP (via SFGate):
U.S. District Judge Sim Lake denied Skilling’s request for bond and ordered him to home confinement, wearing an ankle monitor. Lake, who told the U.S. Bureau of Prisons to recommend when Skilling should report to prison, suggested that Skilling, 52, be sent to the federal facility in Butner, N.C., for his role in a case that came to symbolize corporate fraud in America.
Skilling, insisting he was innocent yet remorseful in a two-hour hearing, was the last top former official to be punished for the accounting tricks and shady business deals that led to the loss of thousands of jobs, more than $60 billion in Enron stock and more than $2 billion in employee pension plans after the company sought bankruptcy protection in December 2001.
Skilling’s remaining assets, about $60 million, will be liquidated, according to an agreement among lawyers for Enron employees, the company’s savings and stock ownership plans, prosecutors and Skilling’s legal team.