From Boardroom to Prison Cell: Former Enron CEO Gets 24 Years

Former Enron CEO Jeffrey Skilling was sentenced today to more than 24 years in prison for his role in the company’s shocking financial collapse.  He was also ordered to pay about $45 million in restitution. A judge in Houston handed down the harshest sentence yet in the Enron scandal after hearing from some of the thousands of Enron employees who lost their jobs and their life’s savings when the company went under in 2001. Skilling, 52, was denied bond and sent home wearing an electronic ankle monitor to await his prison assignment. THE BLOTTER RECOMMENDS Greed on Wall Street Video Enron Shredding Evidence Away? Click Here to Submit a Video to Brian Ross Skilling was convicted last spring on 19 counts of fraud, conspiracy, insider trading and other charges, along with Enron founder Ken Lay.  Lay died of a heart attack over the summer, and his conviction was vacated.  A third member of Enron’s inner circle, former Chief Financial Officer Andrew Fastow, testified against them in exchange for a six-year sentence. An Enron whistleblower first told ABC News in January 2002 that the company had undertaken a large-scale effort to shred documents and destroy evidence of accounting fraud. In court today, Skilling continued to maintain he is innocent of all charges. He told the judge, "We will continue to pursue my constitutional rights, and it’s no dishonor to this court and anyone else in this court. But I feel very strongly about this, and I want my friends, my family to know that."  Skilling said it was not true, as many have claimed, that he feels no remorse.  He said Enron’s bankruptcy had been very hard on him and his family. It was also very hard on employees and investors.  The judge estimated Skilling was responsible for $80 million in losses; that high figure was part of the reason he got so much prison time.  All told, Enron’s collapse erased more than $60 billion in market value and $2 billion in pensions. Prosecutors are seeking the return of almost $183 million, which, they say, Skilling and Lay pocketed while at Enron. The government has frozen about $60 million of Skilling’s assets. During the trial, he listed his remaining property as a $5 million mansion in Houston, a $350,000 condo in Dallas, a Mercedes Benz and two Land Rovers. Skilling has already paid his defense team $23 million in legal fees and owes them another $30 million.