The U.S. Supreme Court on Thursday ruled that some of the charges against former Enron Corp. CEO Jeffrey Skilling should be retried or dismissed, which may further reduce his 24-year sentence.
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Supreme Court Partially Agrees with Skilling Appeal
The U.S. Supreme Court on Thursday ruled that some of the charges against former Enron Corp. CEO Jeffrey Skilling should be retried or dismissed, which may further reduce his 24-year sentence.
Enron Shareholder Lawsuit Quietly Ends
Enron Corp. slipped deeper into the history books last Wednesday after the remaining defendants, including former CEO Jeffrey Skilling, were dismissed in an eight-year-old lawsuit filed by shareholders and investors against the bankrupt trader’s financial institutions.
Enron Shareholder Lawsuit Quietly Dismissed
Enron Corp. slipped deeper into the history books last Wednesday after the remaining defendants, including former CEO Jeffrey Skilling, were dismissed in an eight-year-old lawsuit filed by shareholders and investors against the bankrupt trader’s financial institutions.
People
The U.S. Supreme Court has agreed to consider the appeal of former Enron Corp. CEO Jeffrey Skilling, who was convicted in 2006 on 19 criminal charges. In a 3-0 vote, the U.S. Court of Appeals for the Fifth Circuit in New Orleans last January denied a request to overturn Skilling’s convictions, which the defense claimed were based on incorrect legal theory, faulty jury instructions, a biased jury and prosecutorial misconduct (see NGI, Jan. 12). However, the three-judge panel ordered that Skilling be resentenced, which could reduce the prison term of 24 years and four months. The court agreed with the defense team’s argument that Judge Sim Lake, who presided over Skilling’s trial, had misapplied federal guidelines in enhancing Skilling’s sentence. When Skilling was sentenced, Lake ruled that Skilling’s conduct had endangered a “financial institution” because his actions had damaged the value of Enron’s pension fund. The circuit court found that Enron’s pension fund was not a financial institution. Skilling’s legal team appealed for a review of the case to the Supreme Court in May (see NGI, May 18). The defense team argues that under a federal fraud statute, prosecutors failed to show that Skilling deprived Enron of his “honest services.” The defense also contends that pretrial publicity in Houston, where Enron was headquartered, had prejudiced the jury and led to an unfair trial.
Supreme Court to Hear Skilling’s Appeal
The U.S. Supreme Court Tuesday agreed to consider the appeal of former Enron Corp. CEO Jeffrey Skilling, who was convicted in 2006 on 19 criminal charges.
People
Former Enron Corp. CEO Jeffrey Skilling has appealed to the U.S. Supreme Court to review his convictions. Before Enron fell into bankruptcy in late 2001, Skilling had at various times been COO, president and CEO of the company. A jury in 2006 found Skilling guilty on one count of conspiracy (a joint count with Chairman Kenneth Lay), 12 counts of securities fraud, one count of insider trading and five counts of making false statements to auditors and Enron shareholders (see NGI, May 29, 2006). He was acquitted on nine counts of insider trading. A three-judge panel of the U.S. Court of Appeals for the Fifth Circuit in New Orleans in January upheld all of Skilling’s 19 convictions, and a month later the full circuit court rejected a request for rehearing (see NGI, Feb. 16). The appeals court, however, ordered that Skilling be resentenced, which could reduce his prison term of 24 years and four months. The resentencing has not been completed, and until then Skilling is serving his sentence in a federal prison in Minnesota. The New Orleans appeals court said four months ago that Skilling had “failed to demonstrate that the government’s case rested on an incorrect theory of law or that any reversible errors infected his trial.” In its appeal to the Supreme Court, the defense team argues that under a federal fraud statute, prosecutors failed to show that Skilling wanted to advance his interests rather than those of Enron. The defense also contends that pretrial publicity prejudiced the jury and led to an unfair trial. The trial was held in Houston where Enron was headquartered. The Supreme Court could decide to hear or not hear the case before the court’s term is completed this summer.
Skilling Appeals to Supreme Court
Former Enron Corp. CEO Jeffrey Skilling on Monday appealed to the U.S. Supreme Court to review his convictions.
People
The U.S. Supreme Court is the next stop for former Enron Corp. CEO Jeffrey Skilling after a circuit court in New Orleans rejected his appeal. Skilling is serving a 24-year prison term after he was convicted in 2006 on 19 counts of conspiracy, securities fraud and insider trading. Although a three-judge panel of the U.S. Court of Appeals for the Fifth Circuit ordered Skilling’s sentence to be reviewed, the panel denied the appeal in January (see NGI, Jan. 26). Skilling’s defense team then requested an en banc hearing, in which the appeal would be heard by the entire circuit court. The full circuit court rejected the request without comment. Daniel Petrocelli, who is in charge of Skilling’s defense team, said he now will ask the Supreme Court to consider the appeal. “There is an irreconcilable conflict among the circuits on the primary theory of criminality used in Jeff’s case, and now against many others,” Petrocelli said. Petrocelli specifically wants the high court to consider whether Skilling robbed Enron of his “honest services” by using fraudulent methods to achieve corporate goals. The prosecution argued that point successfully in Skilling’s case. However, several other Enron-related convictions that had used that theory have been successfully appealed. In the successful appeals, the courts have ruled that the “honest services” argument did not apply to lower-level Enron executives or third parties because they had not stolen, taken bribes or taken property from Enron. In Skilling’s case, the circuit court in New Orleans said the prosecution could argue that Skilling had robbed Enron of “honest services.” As CEO, said the court, Skilling set a “fraudulent agenda” for staff, which in turn carried out his agenda at his request.
Skilling to Appeal to Supreme Court
The U.S. Supreme Court is the next stop for former Enron Corp. CEO Jeffrey Skilling after an appeals court in New Orleans this week rejected his appeal.