Jeffrey Skilling, the former chief executive of Enron, reported to federal prison in Waseca, Minnesota, yesterday to begin serving his 24-year sentence for fraud and other crimes in the collapse of the former energy giant.
Even if he earns a few years off for good behavior and for participation in an alcohol treatment program at the Federal Correctional Institution in Waseca, Skilling, 53, will be an old man at the end of his 24-year, four-month prison term. That is more than twice as long as the sentence of any other Enron executive.
Skilling and Enron founder Ken Lay were convicted last May on numerous counts of fraud, conspiracy, insider trading and other charges in the collapse of the Houston-based firm, which led to the loss of thousands of jobs, more than $60bn in company stock and more than $2bn in employee pension plans.
A federal judge on Tuesday denied Skilling's request to remain free on bond pending his appeal. Lay died in July of a heart attack before he could be sentenced.Reuse content