Related
Internal Links
Jeffrey Skilling, the former CEO of Enron Corp., was sentenced to 24 years and four months in prison Monday for his role in orchestrating the events leading to one of the biggest corporate scandals in U.S. history.
U.S. District Judge Sim Lake told Skilling to wear an ankle monitor and ordered him into home confinement, pending a decision about where he should serve his sentence.
Skilling's sentencing came after a steady parade of victims told a Houston courtroom how the collapse of the once high-flying company had devastated their lives.
Former Enron CEO Jeff Skilling, right, arrives at the federal courthouse in Houston with his attorney, Daniel Petrocelli, left, for his sentencing hearing, Monday, Oct. 23, 2006.
(David J. Phillip/Associated Press)
Skilling, 52, was found guilty in May on 19 of the 28 charges he faced: one count of conspiracy, one count of insider trading, five counts of making false statements and 12 counts of securities fraud. He was acquitted on nine counts of insider trading.
Co-accused Kenneth Lay, the founder of Enron, was found guilty of six counts of fraud and conspiracy but died of heart failure in July, before he could be sentenced. Because he died before having had a chance to appeal, a federal judge last week ordered the convictions vacated.
The Skilling sentence is the most severe handed out to any Enron exec and falls just short of the 25-year term handed to former Worldcom CEO Bernie Ebbers.
Collapse wiped out $60B in market value
Enron's bankruptcy in December 2001 — at that time, the biggest in U.S. corporate history — followed revelations that it had hidden huge losses by using fraudulent partnership deals. The losses were kept off the company's balance sheet.
After the losses were revealed, the company's stock plunged, wiping out $60 billion US in stock market value and throwing 5,600 Enron employees out of work.
Enron became a poster child for the wave of accounting malfeasance that shook investor confidence in corporate America in the early years of this decade.
The Enron and Worldcom debacles eventually led to a toughening of regulatory requirements dealing with the reporting of financial results.
Share Tools
Top News Headlines
- Athens burns as Greece bailout passed
- Riots engulfed central Athens and at least 10 buildings went up in flames in mass protests late Sunday as lawmakers prepared for a parliamentary vote on harsh austerity measures aimed at keeping the country solvent. more »
- Quebec town 'heartbroken' after killing of woman, sisters
- A small Quebec town is in mourning Sunday after a Quebec man was charged with killing his nieces and his mother, who were found dead in their family home. more »
- Whitney Houston's body set for autopsy
- Whitney Houston was found in a hotel bathtub but it'll take weeks to determine precisely how she died, a Los Angeles coroner's official says. more »
- Musicians who died before their time
- The growing list of musicians who have died young. more »
Latest Business Headlines
- Air Canada reaches tentative deal with dispatchers
- Air Canada has reached a tentative collective agreement with the Canadian Airline Dispatchers Association, representing the airline's 74 flight dispatchers. more »
- Old Age Security untouched until 2020, Flaherty says
- Finance Minister Jim Flaherty says Canadians should expect no changes to Old Age Security benefits before 2020 or 2025, and details about reform would be outlined over more than one budget. more »
- CAW questions Caterpillar takeover of Electro-Motive
- The head of the Canadian Auto Workers is suggesting Caterpillar Inc. may not have followed foreign takeover rules in its 2010 purchase of the London, Ont., locomotive plant it has since shut down. more »
- Canada's trade surplus doubles in December
- Statistics Canada says exports rose 4.5 per cent in December and imports edged up 0.8 per cent, pushing the country's trade surplus with the rest of the world to $2.7 billion from $1.2 billion in November. more »
Lang & O'Leary Exchange
Markets
| Index | Last Trade | Change |
|---|---|---|
| TSX COMPOSITE | 12389.42 | -108.52 |
| DOW | 12801.23 | -89.23 |
| NASDAQ | 2903.88 | -23.35 |
| SP 500 | 1342.64 | -9.31 |
| NYSE COMPOSITE | 7992.05 | -89.2 |
| AMEX | 2417.98 | -18.65 |
| TSX-VENTURE | 1653.55 | -11.27 |
The data on this site is informational only and may be delayed; it is not intended as trading or investment advice and you should not rely on it as such.
Business Features
- Pop queen Whitney Houston dies at 48
- Whitney Houston's body set for autopsy
- Athens burns as Greece bailout passed
- Carleton University confirms death of student
- Ultimate Tazer Ball combines shock and soccer
- Adults-only trade show cancelled in B.C. Bible belt
- Whitney Houston's death sparks chorus of grief
- Quebec town 'heartbroken' after killing of woman, sisters
- Quebec man charged with killing mother, 2 nieces
