Jeffrey Skilling Trial: Ex-Enron CEO Gets 10 Years Off Prison Sentence
Jeffrey Skilling, the former Enron CEO who was convicted of conspiracy, fraud, and insider trading after his company's collapse in 2001, received a 10-year subtraction on Saturday from his prison sentence, which was originally 24 years.
Skilling's sentence reduction is the result of a deal between his lawyers and prosecutors to wrap up over a decade of legal proceedings concerning the fall of Enron.
According to the New York Times, prosecutors report that the deal will allow for $42 million of Skilling's personal estate to be distributed to Enron's former employees who suffered losses when the company's stock collapsed.
Skilling has also agreed not to pursue any further legal appeals. This condition will prevent him from raising a claim accusing the prosecution of misconduct.
Though Saturday's deal is mutually agreeable to both sides, it seems that not everyone is happy with Skilling's sentence reduction.
Andrew Stollman, a lawyer who represented several victims in the Enron case, stated, "By entering into this early release agreement, a clear message will be sent to corporate CEOs that if you get caught with the hand in the cookie jar, you will get little more than a slap on the wrist."
Though it's clear that the fallout of the Enron scandal will be felt by victims for years to come, under the new sentence, Stollman's release from prison will not take place until 2017 at the earliest.
Stollman has spent the last seven years in prison after he was convicted in 2006. Since then, his parents and his 20-year old son have died, reports the New York Times.