A decade ago, Jeffrey Skilling’s name become synonymous with one of the biggest financial collapses in U.S. financial history. Now he wants to be a free man again.
After Texas-based energy trading giant Enron collapsed in December 2001, investigators quickly uncovered a range improper financial reporting practices that had concealed company losses for years. Skilling, the company’s CEO, was ultimately sentenced to 24 years in prison after a jury convicted him on 19 counts of securities fraud, conspiracy and insider trading in 2006, ABC News notes.
Skilling’s legal team is now negotiating with federal prosecutors to reduce his sentence. An appeals court has ordered the lower court to re-sentence the former executive using a more limited range of jail time. After having served just six years — a quarter of his original sentence — Skilling could end up with an early release from prison if he is re-sentenced under the new guidelines.
A former Enron employee and investor, who lost her life savings in the collapse, told ABC News that efforts to renegotiate Skilling’s sentence were “disgusting.”