Type to search

POLICE/PRISON

Incarcerated Enron CEO, Jeffrey Skilling, Released To Undisclosed Halfway House

Incarcerated former Enron boss, Jeffrey Skilling, 64, has been released from prison and to a halfway house at an undisclosed location. Skilling was incarcerated for 12 years for committing corporate fraud amounting to several millions of dollars.

Skilling’s fraud contributed largely to ruining Enron, an electricity generation and natural gas company. The news of the corporate fraud traveled far and wide when probes revealed the company fabricated its accounting to exaggerate profits.

Enron filed for bankruptcy in late 2001, causing thousands of employees to lose their jobs. Thousands of investors suffered financial misfortunes when Enron’s shares plummeted sharply. The company suffered the largest bankruptcy in U.S. history at the time.

Skilling was initially charged with 28 counts of corporate misconducts and sentenced to 24 years in prison. But this was reduced to 19 counts of criminal misconducts and 14 years in prison after he agreed with federal prosecutors to a plea deal.

Some of the charges he was convicted for include securities fraud, insider trading, falsifying financial books to mislead auditors, insider trading and conspiracy. Enron’s pension plan was substantially compromised as a result of these misconducts.

Skilling was also fined $45 million as restitution for victims of the fraud.

Enron filed for bankruptcy four months after Skilling left the company on August 14, 2001 after he sold off $60 million worth of company shares.

He served out his prison term at a minimum security prison in Montgomery, Alabama.

Skilling was not the only one fingered in the massive fraud at Enron. Enron’s founder, Kenneth Lay, and other company executives were also convicted of securities fraud. But Lay died while awaiting sentencing in 2006.

If you enjoyed this article, please consider supporting independent news and getting our newsletter three times a week.

Tags:

15 Comments

  1. Paul Bailey September 3, 2018

    POS

    Reply
  2. Ferne Fitzpatrick Carbo September 3, 2018

    He financially. destroyed a lot of lives…I say “keep him locked up”…he never showed any remorse and he probably has millions of stolen corrupt money stashed away!!!!!

    Reply
  3. Thomas Fischer September 3, 2018

    Someone will welcome him back.

    Reply
  4. Charles Freedom September 3, 2018

    Karma will get this evil piece of shit.

    Reply
  5. Larry L. Cunningham September 3, 2018

    Hero of trump’s corporate America!

    Reply
  6. Jeanette Forsyth September 3, 2018

    This is not right he should still be locked up. He destroyed so many lives. The key should have been thrown away so he would never get out. Bet he’s going to be living in the lap of luxury and the lives he destroyed are living in poverty.

    Reply
  7. Nadine Kenyon September 3, 2018

    Trump needs more swamp mates

    Reply
  8. James E. McIntyre September 3, 2018

    Throw him back in prison where he belongs!

    Reply
  9. Bernadine Maio September 3, 2018

    No Justice

    Reply
  10. Walter Brewer September 4, 2018

    WOW…BACK DOOR POLITICS…SKILLING…IS A MASTERMIND OF WALL STREET OPERATIONS…MR. TRUMP’S ROLL BACK OF OBAMA ERA BANKING AND OPTIONS TRADING REGULATIONS ENABLE THIS GUY TO MAKE MILLIONS DAILY AND NEVER LEAVE HIS HOME…

    Reply
  11. Shayna Alterman September 4, 2018

    How long did he serve? Maybe now he can get a job in the trump administration along with the other felons. He’d fit right in.

    Reply
  12. Judy Metcalf September 10, 2018

    Did he have to make restitution?

    Reply
  13. Patty Parfait September 10, 2018

    Can’t hide from karma.

    Reply
  14. Ronald Christensen September 10, 2018

    Aw put the SOB back in jail !

    Reply
  15. Michael S Gregory Sr. September 10, 2018

    Looks like a Trump Family member.

    Reply

Leave a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.