Appeal by Former Enron CEO Skilling Denied

Former Enron Corp. CEO Jeffrey Skilling's appeal of his criminal conviction and sentence was turned down in a federal appeals court, Jan. 6, in New Orleans. In 2006, a jury found Skilling, now 58, guilty of 19 counts regarding:

• securities fraud
• conspiracy
• insider trading
• making false statements to auditors

Twenty-Four Year Prison Sentence for Fraud

Skilling, called by some the "mastermind of Enron," was sentenced to more than 24 years in federal prison and fined $45 million for his major role in the financial debacle brought about by the collapse of Enron, the Houston-based energy corporation now famous for accounting fraud.

Enron's bankruptcy caused the loss of over $2 billion in employee pension funds, more than $60 billion in Enron stock, and over 5,000 jobs.

Skilling rose to chief operating officer of Enron in 1997, and he contended that the corporation could use a novel accounting paradigm that was later found to be fraudulent. His arrogance can be illustrated by his joke during the California energy crisis of 2000–1 and Enron's involvement in it: the difference between California and the Titanic is, "At least when the Titanic went down, the lights were on."

Vacated Sentence, Re-sentencing to Be Conducted

Skilling's appeal began in April 2008 in the 5th Circuit Court of Appeals. On Jan. 6, the three-judge panel denied his request to overturn his convictions, but they vacated his prison term and ordered that he be re-sentenced. They agreed that the judge who sentenced Skilling made a mistake in applying the sentencing guidelines. The case is thus being remanded (sent back to the lower court).

(Source: MSNBC)

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