Thursday, January 8, 2009

Skilling's Conviction Upheld On Appeal; Sentencing Reordered For Former Enron Exec

Jeffrey Skilling, the former CEO of Enron, has had his conviction upheld by the U.S. Court of Appeals in New Orleans on Tuesday. However, he has been ordered for re-sentencing. Commentators believe his 27-year prison term will not likely change much. Skilling was convicted on 19 counts of fraud, conspiracy, insider trading and making false statements to investigators. He and Kenneth Lay, former Enron Chairman, were accused of defrauding investors and employees by concealing the true financial status of the company, which collapsed and filed for bankruptcy in 2001.

Read the story here and here.

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