Enron chief gets jail cut

A US federal judge accepted a deal between Jeffrey Skilling's lawyers and prosecutors that cut his prison sentence by 10 years. Skilling had been serving a 24-year sentence for conspiracy and fraud related to the collapse of Enron.

Jeffrey Skilling was convicted of conspiracy and fraud connected to the collapse of energy company Enron, offences that led to his original 24-year prison sentence.

As part of the deal accepted by the judge, Jeffrey Skilling will pay $42 million to victims of the Enron fraud.

Following the 10-year reduction in his sentence, Jeffrey Skilling is scheduled to leave prison in 2017.

Skilling's original sentence was 24 years in jail; the court-approved deal reduced that sentence by 10 years.

A US federal judge approved the deal between Skilling's lawyers and prosecutors that resulted in the 10-year cut to his sentence.

The deal requires Skilling to pay $42 million to victims, which is intended to provide compensation to those harmed by the Enron fraud; the article does not detail how payments will be distributed.

The Enron case — including Skilling's conviction for conspiracy and fraud — is a reminder that corporate fraud can devastate investors and that scrutiny, transparency and strong governance matter when assessing company risk.