Enron CEO finally sentenced to 24 years
One of America's biggest corporate scandals has witnessed a sense of white-collar justice after Jeff Skilling, former Enron CEO, was sentenced to 24 years and four months in prison for his fraudulent role in the energy company's 2001 demise.
Jeff Skilling was ordered to home confinement on Monday, October 23 by U.S. District Judge Sim Lake.
The former CEO will wear an ankle bracelet during confinement so federal authorities can monitor his movements until he is sent to Butler, N.C. Judge Lake's suggested federal facility, however, the final destination will not be fully determined for another six to eight weeks.
“This is not an easy decision…however his crimes have imposed on hundreds if not thousands, a life sentence of poverty,” Lake stated after sentencing.
Lake demonstrated a firm stance on his sentence after he refused Defense attorney Daniel Petrocelli a 10-month reduction on Skilling's sentence.
Furthermore, Judge Lake heightened Skilling's forfeiture to 45 million to be distributed amongst Enron employees should the ex-CEO lose his appeal. The money awarded to the employees will be distributed through the civil shareholder case going on before U.S. District Judge Melinda Harmon. The forfeiture will give movement to a retribution process that will see thousands of Enron employees recoup a portion of their pension lost in the company's collapse.
Although Skilling will have the opportunity for an appeal Judge Lake denied his request to remain free on bond during the appeal.
Even though jurors convicted Skilling of 19 of 28 counts of fraud, conspiracy, insider trading and lying to auditors, he still maintains his innocence on all counts.
"Your honor, I am innocent of these charges. I am innocent of every one of these charges,” Skilling said.
The former CEO was the last man standing of a dismantled company after former Chairman and co-defendant Ken Lay died from heart disease in July. The rest of the executives had already cut plea deals for much shorter sentences or lost in jury trials. The collapse of Enron's fraudulent empire prompted U.S. Congress to pass sweeping reforms and toughen sentences on white-collar crimes and now we are seeing executives being given heavier sentences for their falsified and conspiratorial activities.
Jeff Skilling was ordered to home confinement on Monday, October 23 by U.S. District Judge Sim Lake.
The former CEO will wear an ankle bracelet during confinement so federal authorities can monitor his movements until he is sent to Butler, N.C. Judge Lake's suggested federal facility, however, the final destination will not be fully determined for another six to eight weeks.
“This is not an easy decision…however his crimes have imposed on hundreds if not thousands, a life sentence of poverty,” Lake stated after sentencing.
Lake demonstrated a firm stance on his sentence after he refused Defense attorney Daniel Petrocelli a 10-month reduction on Skilling's sentence.
Furthermore, Judge Lake heightened Skilling's forfeiture to 45 million to be distributed amongst Enron employees should the ex-CEO lose his appeal. The money awarded to the employees will be distributed through the civil shareholder case going on before U.S. District Judge Melinda Harmon. The forfeiture will give movement to a retribution process that will see thousands of Enron employees recoup a portion of their pension lost in the company's collapse.
Although Skilling will have the opportunity for an appeal Judge Lake denied his request to remain free on bond during the appeal.
Even though jurors convicted Skilling of 19 of 28 counts of fraud, conspiracy, insider trading and lying to auditors, he still maintains his innocence on all counts.
"Your honor, I am innocent of these charges. I am innocent of every one of these charges,” Skilling said.
The former CEO was the last man standing of a dismantled company after former Chairman and co-defendant Ken Lay died from heart disease in July. The rest of the executives had already cut plea deals for much shorter sentences or lost in jury trials. The collapse of Enron's fraudulent empire prompted U.S. Congress to pass sweeping reforms and toughen sentences on white-collar crimes and now we are seeing executives being given heavier sentences for their falsified and conspiratorial activities.
