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Skilling’s sentence shortened

Jeffrey Skilling’s day in court will come to an end.

Responding to a federal appeals court mandate, lawyers for former Enron CEO Jeff Skilling and the U.S. Department of Justice Wednesday reached an agreement that could knock a decade off the disgraced CEO’s 24-year sentence.

Skilling, 59, was convicted in 2006 of conspiracy, securities fraud, making false statements to auditors and one count of insider trading in connection with the energy company’s 2001 collapse.

The new agreement provides for a jail term of 14 to 17 years and a financial penalty of $40 million. He would be credited for time already served. Skilling’s sentencing is set for June 21 in Houston.

“Today’s agreement will put an end to the legal battles surrounding this case,” Justice Department spokesman Peter Carr said. “Mr. Skilling will no longer be permitted to challenge his conviction for one of the most notorious frauds in American history, and victims of his crime will finally receive the more than $40 million in restitution they are owed.”

See here for the background. Counting time served, which I presume began in 2006, would make him eligible for parole as early as 2020, which isn’t exactly soon but is a lot sooner than 2030. Fine by me, I guess. Hair Balls has more.

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