Question:

What was Jeff Skilling in jail for?

Answer:

Former Enron chief executive Jeffrey K. Skilling was denied a request to be released from prison on bail while he appeals his 2006 fraud conviction.

More Info:

Enron

Jeffrey Keith "Jeff" Skilling (born November 25, 1953) is the former CEO of the Enron Corporation, headquartered in Houston, Texas. In 2006 he was convicted of multiple federal felony charges relating to Enron's financial collapse, and is currently serving 14 years of a 24-year, four-month prison sentence at the Federal Correctional Institution (FCI) – Englewood in Littleton, Colorado. The Supreme Court of the United States heard arguments in the appeal of the case March 1, 2010. On June 24, 2010, the Supreme Court vacated part of Skilling's conviction and transferred the case back to the lower court for resentencing. During April 2011 a three-judge 5th Circuit Court panel ruled that the verdict would have been the same despite the legal issues being discussed, and Skilling's conviction was confirmed, however the court ruled Skilling should be resentenced. Skilling appealed this new decision to the Supreme Court, but the appeal was denied certiorari. In 2013 the United States Department of Justice reached a deal with Skilling resulting in 10 years being cut from his sentence.

Jeffrey Keith "Jeff" Skilling (born November 25, 1953) is the former CEO of the Enron Corporation, headquartered in Houston, Texas. In 2006 he was convicted of multiple federal felony charges relating to Enron's financial collapse, and is currently serving 14 years of a 24-year, four-month prison sentence at the Federal Correctional Institution (FCI) – Englewood in Littleton, Colorado. The Supreme Court of the United States heard arguments in the appeal of the case March 1, 2010. On June 24, 2010, the Supreme Court vacated part of Skilling's conviction and transferred the case back to the lower court for resentencing. During April 2011 a three-judge 5th Circuit Court panel ruled that the verdict would have been the same despite the legal issues being discussed, and Skilling's conviction was confirmed, however the court ruled Skilling should be resentenced. Skilling appealed this new decision to the Supreme Court, but the appeal was denied certiorari. In 2013 the United States Department of Justice reached a deal with Skilling resulting in 10 years being cut from his sentence.

Skilling was born in Pittsburgh, Pennsylvania, and was the second of four children. His father was a sales manager for an Illinois valve company. He grew up in New Jersey and Aurora, Illinois. When he was 16 years old, he worked at WLXT (channel 60), a UHF television station in Aurora.

A chief executive officer (CEO) is the highest-ranking corporate officer (executive) or administrator in charge of total management of an organization. An individual appointed as a CEO of a corporation, company, organization, or agency typically reports to the board of directors. In British English, terms often used as synonyms for CEO include managing director (MD) and chief executive (CE).

The responsibilities of an organization's CEO or MD are set by the organization's board of directors or other authority, depending on the organization's legal structure. They can be far-reaching or quite limited and are typically enshrined in a formal delegation of authority.

Business

farming, forestry, and fishing: 0.7% manufacturing, extraction, transportation, and crafts: 20% managerial, professional, and technical]disambiguation needed[: 37% sales and office: 24% other services: 18% (2009)

Main data source: CIA World Fact Book


The trial of Kenneth Lay, former chairman and CEO of Enron, and Jeffrey Skilling, former CEO and COO, was presided over by federal district court Judge Sim Lake in 2006 in response to the Enron scandal.

(see U.S. DOJ list)

The Enron scandal, revealed in October 2001, eventually led to the bankruptcy of the Enron Corporation, an American energy company based in Houston, Texas, and the de facto dissolution of Arthur Andersen, which was one of the five largest audit and accountancy partnerships in the world. In addition to being the largest bankruptcy reorganization in American history at that time, Enron was attributed as the biggest audit failure.

Enron was formed in 1985 by Kenneth Lay after merging Houston Natural Gas and InterNorth. Several years later, when Jeffrey Skilling was hired, he developed a staff of executives that, by the use of accounting loopholes, special purpose entities, and poor financial reporting, were able to hide billions of dollars in debt from failed deals and projects. Chief Financial Officer Andrew Fastow and other executives not only misled Enron's board of directors and audit committee on high-risk accounting practices, but also pressured Andersen to ignore the issues.

Enron Fraud

Jeffrey Keith "Jeff" Skilling (born November 25, 1953) is the former CEO of the Enron Corporation, headquartered in Houston, Texas. In 2006 he was convicted of multiple federal felony charges relating to Enron's financial collapse, and is currently serving 14 years of a 24-year, four-month prison sentence at the Federal Correctional Institution (FCI) – Englewood in Littleton, Colorado. The Supreme Court of the United States heard arguments in the appeal of the case March 1, 2010. On June 24, 2010, the Supreme Court vacated part of Skilling's conviction and transferred the case back to the lower court for resentencing. During April 2011 a three-judge 5th Circuit Court panel ruled that the verdict would have been the same despite the legal issues being discussed, and Skilling's conviction was confirmed, however the court ruled Skilling should be resentenced. Skilling appealed this new decision to the Supreme Court, but the appeal was denied certiorari. In 2013 the United States Department of Justice reached a deal with Skilling resulting in 10 years being cut from his sentence.

Skilling was born in Pittsburgh, Pennsylvania, and was the second of four children. His father was a sales manager for an Illinois valve company. He grew up in New Jersey and Aurora, Illinois. When he was 16 years old, he worked at WLXT (channel 60), a UHF television station in Aurora.

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