24 years for Skilling!

[heishe 2]

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HOUSTON - Former Enron CEO Jeffrey Skilling, the most vilified figure from the most notorious financial scandal of the decade, was sentenced Monday to 24 years, four months in prison, the harshest sentence yet in the case that came to symbolize corporate fraud in America.

He was the last top former official to be punished for the accounting tricks and shady business deals that led to the loss of thousands of jobs, more than $60 billion in Enron stock and more than $2 billion in employee pension plans when Enron collapsed.

Skilling, 52, stood alone at his sentencing before U.S. District Judge Sim Lake; his co-defendant, Enron founder Kenneth Lay, died July 5 and his convictions were vacated last week.

Skilling’s term is the longest received by any Enron defendant; former chief financial officer Andrew Fastow was given a six-year term after cooperating with prosecutors and helping them secure Skilling’s conviction.

The former CEO’s arrogance, belligerence and lack of contriteness under questioning made him a lightning rod for the rage generated by the collapse of Enron in 2001. Lake handed down the sentence after outraged former Enron employees spoke at the hearing.

Skilling insisted he was innocent yet remorseful Monday as he appeared before the federal judge who will sentence him.

“Your honor, I am innocent of these charges,” Skilling told U.S. District Judge Sim Lake. “I’m innocent of every one of these charges.

“We will continue to pursue my constitutional rights and it’s no dishonor to this court and anyone else in this court. But I feel very strongly about this, and I want my friends, my family to know that.”

Skilling, 52, also disputed reports that he had no remorse for his role in the fraud that led to Enron’s collapse in 2001, which wiped out thousands of jobs, more than $60 billion in market value and more than $2 billion in pension plans.

“I can tell you that’s just the furthest thing from the truth,” he said. “It’s been very hard on me, but probably, more important, incredibly hard on my family, incredibly hard on employees of Enron Corp., incredibly hard on my friends and incredibly hard on the community.

“And I want my friends, my family to know this.”

Skilling’s second wife, former Enron corporate secretary Rebecca Carter, was in the courtroom.

Skilling was convicted in May on 19 counts of fraud, conspiracy, insider trading and lying to auditors. He was acquitted on nine counts of insider trading.

On Monday, Lake set investor loss tied to his actions at $80 million, which he will rely on to set the sentence under new, tougher federal guidelines. With that figure, Skilling faces between 24.3 years to 30.4 years in prison.

Skilling also faces more than $18 million in fines for his crimes.

Victims unleashed nearly five years of anger on Skilling and begged Lake to send Skilling to prison for life.

“Mr. Skilling has proven to be a liar, a thief and a drunk, flaunting an attitude above the law,” said 22-year Enron employee Dawn Powers Martin. “He has betrayed everyone who has trusted him. Shame on me for believing the management of Enron.”

Two chose not to vilify Skilling, however.

“I can’t state strongly enough, during 20 years, have I seen or heard anything that he was leading a massive conspiracy to mislead Enron shareholders and employees,” said one of them, Sherri Sera, a former administrative assistant. She said she too had lost thousands in Enron stock and benefits but took blame for her own failure to diversify.

“The people who have been harmed by the bankruptcy have very strong feelings about the subject,” said Daniel Petrocelli, Skilling’s attorney. “But that does not shed much light on the reasonableness of the sentence Mr. Skilling should receive.”

Skilling’s co-defendant, Enron founder Kenneth Lay, died from heart disease on July 5. Lay’s convictions on 10 counts of fraud, conspiracy and lying to banks in two separate cases were wiped out with his death.

Jurors decided Skilling and Lay repeatedly lied about Enron’s financial health when they knew an illusion of success was propped up by accounting maneuvers that hid debt and inflated profits.

Enron’s crash and the subsequent scandals roiled Wall Street, sent investors fleeing, prompted stiffened white collar penalties and upped regulatory scrutiny over publicly traded companies.

Skilling maintained his innocence before, during and even after his trial, insisting no fraud occurred at Enron other than that committed by a few executives skimming millions in secret side deals, and that bad press and poor market confidence combined to sink the company.

Skilling never endeared himself to co-workers, or even the city, the way Lay had with his affable demeanor and charity work.

Since his indictment, Skilling has had two run-ins with the law for public drunkenness.

Skilling has asked that he be allowed to remain free on bail pending his appeals in the case. Lake will rule on that request Monday.

Prosecutors have also asked that Skilling turn over nearly $183 million, which they claim he pocketed while at Enron. The U.S. government had divided that amount between Skilling and Lay. But Lay’s death has left that amount solely on Skilling.

The government contends about $60 million in Skilling’s cash and property that has been frozen since his indictment could be applied to the total amount they are seeking.

pwnd

[rclouse 0]

Does he go to white collar resort prison or Federal pound me in the ### prison?

I hope the judge told him he's a very bad person.

[one...two...tree 2,762]

sweet justice.

[rooster 1]

I hope he goes to Fed pound in the a$$ prison. I have friends that lost retirement thanks to this ####### . But more than likely, he will be in country club, white collar prison!!

[almaty 19]

I hope he goes to Fed pound in the a$$ prison. I have friends that lost retirement thanks to this ####### . But more than likely, he will be in country club, white collar prison!!

i am for the pound in the azz prison ....he is a 1st class chopf##k as was lay

[Mags 112]

I thought this said "24 years for Skiing"...which I thought was a little excessive for a sport.

Makes note *get eyes tested*