The former chief executive of Enron Corp, Jeffrey Skilling, is expected to be released from prison ten years earlier than originally expected. This comes after an agreement had been signed with federal prosecutors in order to end one of the biggest legal battles in one of the largest frauds ever committed in American corporate history.
The agreement would have Skilling's sentence reduced to just 14 years from the original 24 years imposed by the court back in 2006. If with good behavior, Skilling would be released as as early as 2018.
Under the agreement, Skilling would agree to stop appealing the conviction imposed. The agreement would also have the US$40 million sequestered from him would be distributed to victims of the Enron fraud.
In order to formalize the agreement, a resentencing would become necessary after a federal court of appeals had upheld the conviction, but lowered the sentence for 'being too harsh.'
According to Skilling's counsel Daniel Petrocelli, in a statement, "The proposed agreement brings certainty and finality to a long and painful process. Although the recommended sentence for Jeff would still be more than double any other Enron defendant, all of whom have long been out of prison, Jeff will at least have the chance to get back a meaningful part of his life."
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