Former Enron CEO Jeffery Skilling agreed to a plea deal with prosecutors today to reduce his sentence from 25 years to 14 years.
Skilling became CEO of Enron in February 2001. During his tenure, he created Enron’s ‘asset light’ business model. Many were shocked when he abruptly resigned in August 2001.
Skilling may be released from prison as early as 2017 if he receives credit for time served and good behavior.
"I believe that I'm innocent," Skilling told CNBC.
US District Judge Sim Lake sentenced Skilling to 24 years in prison in 2006. The Fifth Circuit Court of Appeals overturned Skilling’s sentence in 2009 but upheld his conviction. Skilling’s attorneys have been negotiating a new sentencing deal during the last four years.
“The sentence handed down today ends years of litigation, imposes significant punishment upon the defendant and precludes him from ever challenging his conviction or sentence[.] With today’s court action, victims of Skilling’s crimes will finally receive more than $40 million that he owes them,” Acting Assistant Attorney General Raman said in a Department of Justice