Former Enron CEO Skilling Resentenced To 14 years
HOUSTON (CBS Houston) On Friday, former Enron Corp. CEO Jeffrey Skilling was re-sentenced to 14 years as part of a court-ordered reduction.
The order made by U.S. District Judge Sim Lake, brings to a close one of the country’s most notorious financial scandals.
Also on Friday, the Justice Department agreed to an additional sentence reduction of about 20 months as part of a deal with prosecutors that allows the distribution of about $41 million in restitution to victims of the Enron debacle.
Skilling was imprisoned for his role in the former energy giant’s collapse. Initially he was sentenced to 24 years; that particular sentence was vacated by an appeals court.
The Enron scandal, revealed in October 2001, eventually led to the bankruptcy of the American energy company based in Houston. Enron was formed in 1985 by Kenneth Lay after merging Houston Natural Gas and InterNorth. Lay who was also sentenced to prison for his role in the downfall of the former energy giant, died in 2006.