Enron CEO could have 24-year sentence slashed
Jeffrey Skilling to spend Christmas in prison, but appeals court has warned that the punishment could be cut significantly due to 'serious frailties' in his conviction
Convicted Enron CEO
Jeffrey
Skilling could have his sentence reduced after a Houston appeals
court announced that it had identified flaws in his conviction during a review.
The disclosure came after federal judges refused Skilling’s plea to remain under
house arrest at his mansion until his appeal was decided.
‘Our review has disclosed serious frailties in Skilling’s conviction of
conspiracy, securities fraud and insider trading’ the federal appeals court
said. In light of the announcement Skilling’s defence attorney
Daniel
Petrocelli championed a ‘substantial reduction’ of his client’s sentence
if these counts were thrown out on appeal.
Skilling received a 24-year punishment in October in the wake of the former
energy giant’s ex-CFO Andrew Fastow turning star witness for the prosecution.
He will now be spending Christmas at
Waseca
Federal Correctional Institution, a low security prison in Minnesota. At
Waseca, where temperatures can drop to -17C in the winter, Skilling more
accustomed to a multimillion-dollar salary will be expected to work five days a
week for a maximum of 40 cents (20p) an hour.
Further reading:
Enron’s ex-CEO Skilling gets 24-year
sentence
Skilling denies pact with former Enron
CFO