Former Enron chief executive Jeffrey Skilling has struck a deal with the Justice Department that could slash his 24-year prison sentence by more than a decade.
As part of the deal, Skilling, who has already served six years on fraud and conspiracy convictions for his role in the collapse of the energy giant, will waive his rights to any further appeals and allow more than $40 million of assets seized from him to be distributed to former Enron employees and shareholders, reports The New York Times
Enron Employees saw their retirement savings wiped out and shareholders lost billions of dollars after the company went bankrupt in 2001.
Under the agreement, which is still subject to approval by the same federal judge who presided over Skilling’s 2006 trial, he could leave prison as early as 2017. A resentencing hearing has been set for June 21.
Skilling, now 59, was the highest ranking executive of the Houston-based company to be sentenced to prison.
"The proposed agreement brings certainty and finality to a long, painful process," Daniel Petrocelli, one of Skilling’s lawyers, said in a statement.
Justice Department spokesman Peter Carr said, "This agreement ensures that Mr. Skilling will be appropriately punished for his crimes and that victims will finally receive the restitution they deserve."
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