Ex-Enron CEO Skilling's Sentence To Be Reduced

Former Enron CEO Jeffrey Skilling in 2006.
Federal prosecutors and attorneys for former Enron CEO Jeffrey Skilling say they have reached an agreement that will reduce the jailed executive's sentence for his role in the energy giant's collapse.

Under the agreement, Skilling’s original sentence of more than 24 years would be reduced to somewhere between 14 and 17 ½ years. The final decision on the length of the sentence will be made by U.S. District Judge Sim Lake at a June 21 hearing here in Houston.

Skilling’s attorney Daniel Petrocelli says the agreement “brings certainty and finality to a long, painful process.”

Justice Department spokesman Peter Carr says the deal will allow victims of Enron’s collapse to finally receive the more than $40 million in restitution they are owed.

Skilling has been waiting to be re-sentenced after a federal panel ruled in 2009 that a sentencing guideline had been misapplied. He was convicted in 2006 for his role in Enron’s downfall.

Bio photo of Andrew Schneider

Andrew Schneider

Business Reporter

Andrew Schneider joined KUHF in January 2011, after more than a decade as a print reporter for The Kiplinger Letter...