Former Enron CEO Jeffrey Skilling was handed a 24 year and 4 month prison sentence today.
U.S. District Judge Sim Lake ordered Skilling, 52, to home confinement, wearing an ankle monitor, and told the U.S. Bureau of Prisons to recommend when Skilling should report to prison. Lake recommended no date, but suggested Skilling be sent to the federal facility in Butler, N.C.
Skilling, insisting he was innocent yet remorseful in a two-hour hearing, was the last top former official to be punished for the accounting tricks and shady business deals that led to the loss of thousands of jobs, more than $60 billion in Enron stock and more than $2 billion in employee pension plans when Enron collapsed.
Lake denied Skilling's request for bond.
Skilling's term is the longest received by any Enron defendant; former chief financial officer Andrew Fastow was given a six-year term after cooperating with prosecutors and helping them secure Skilling's conviction.
Harsh sentence. It will not restore all that his victims lost, however. I know a number of them.