FBI arrests ex-Enron boss
Jeffrey Skilling, ex-Enron chief executive, surrendered to the FBI yesterday to face felony charges. He continues to resolutely plead his innocence on all of the charges levelled against him.
The US energy giant collapsed and filed for chapter 11 bankruptcy protection in December 2001, after stories broke of a huge accounting scandal that had hidden billions of dollars in debt.
Mr Skilling and Richard Causey, a former chief accountant, have been charged with a range of offences including conspiracy to commit insider trading, conspiracy to commit fraud and lying about the state of Enron’s finances.
The pair are accused of plotting to mislead government regulators and investors about the company’s earnings.
A handcuffed Mr Skilling was escorted by FBI officials to Houston’s federal courthouse yesterday, where he was later released on bail set at $5 million (£2.64 million).
Mr Shilling allegedly generated £33 million from selling shares at “artificially inflated prices”, resigning months before the US energy giant collapsed.
If found guilty Mr Skilling could face up to 325 years in prison and more than £42 million in fines. Causey was indicted a month ago.
Mr Skilling will appear in court again on March 11th.
Defence lawyer Dan Petrocelli said Mr Skilling was co-operating with the authorities as he had nothing to hide.
“He did not steal. He did not lie. He did not take anyone’s money, and in the 60 pages of charges filed by the United States government, they don’t even accuse him of these things, and it’s not from lack of trying.”
