Former Enron CEO Skilling’s sentence cut to 14 years | Reuters

24 Jun

Under the deal, more than $40 million of Skilling’s fortune, which has been frozen since his conviction in 2006, will be distributed to victims of Enron’s collapse.

“This is not an easy decision,” Lake told the hearing before he acknowledged both the gravity of Skilling’s crimes and his charitable works in Houston, and in prison, where he reads to a blind inmate and teaches English and Spanish. He has also held a job fair for inmates about to be released.

In May 2006, a jury had convicted Skilling of 19 counts of conspiracy, securities fraud, insider trading and lying to auditors for his role in maintaining a facade of success as Enron’s energy business crumbled.

Enron founder Kenneth Lay also was found guilty of multiple counts of conspiracy and fraud. He died of heart failure six weeks after the trial ended, prompting Lake to throw out the conviction.

via Former Enron CEO Skilling’s sentence cut to 14 years | Reuters.

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