Ex-Enron CEO Jeff Skilling To Leave Prison Early

Source: Charles Wilbanks / Marketwatch / CBS News

He can walk early, but not that early. Former Enron CEO Jeffrey Skilling succeeded in getting his prison sentence reduced by 10 years as part of a court-ordered reduction.

U.S. District Judge Sim Lake of the Southern District of Texas announced at a hearing in Houston today that Skilling will serve 14 years. His original conviction called for him to serve 24 years in connection with the collapse of the once high-flying energy trading firm. Under the agreement with federal prosecutors, Skilling could be released as early as 2017.

In seeking to reduce the sentence, the government had emphasized that $40 million in restitution, currently held up as Skilling pursued appeals, would be released to victims.

“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,” Acting Assistant Attorney General Mythili Raman said in a statement after the re-sentencing hearing. “With today’s court action, victims of Skilling’s crimes will finally receive more than $40 million that he owes them.”

To read this article in its entirety visit CBS News.