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Enron's Skilling Gets Lighter Sentence

Enron's Skilling Gets Lighter Sentence

Former Enron CEO Jeffrey Skilling, 59, has been resentenced to 165 months in federal prison, a deal that will cut as much as ten years off his sentence for his role in one of the biggest business frauds in American history, 1200 WOAI news reports.

The deal could allow Skilling to be freed in 2017.

As part of the deal, Skilling will turn over some $42 million he looted from Enron employees and shareholders to a fund to repay some of those he defrauded.

“The sentence handed down ends years of litigation, imposes significant punishment upon the defendant, and precludes him from every challenging his conviction or sentence,” Acting Assistant Attorney General Mythili Raman said.

There has been widespread criticism from victims of Skilling’s fraud at Enron that he is getting a break because he is a well-connected, wealthy, white collar defendant.

Skilling was convicted in 2006 on conspiracy, insider trading, and making false statements to auditors.

Skilling was imprisoned, but was appealing parts of his sentence, and in 2009, an appeals court granted Skilling a new sentence, ruling that the trial court erred by increasing Skilling’s sentence for having substantially jeopardized the safety and soundness of a financial institution, that is, Enron’s pension plan.

The new sentence is part of a deal between Skilling and Enron to end the appeals in return for a ligfhter overall sentence.

 

 

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