Home > Jeffrey Skilling

The FBI indicted him in 35 counts of fraud, insider trading, and other related crimes regarding the collapse of Enron. He pled not guilty to all of the charges. If convicted of all of them, he faces up to 325 years in prison and at least $80 million in fines, if not more. The main reason for his arrest regarded his probable knowledge of the fraudulent transactions within Enron. About a month after he quit Enron, Skilling sold almost $60 million of his shares in Enron (in blocks of 10,000 to 500,000), leading to the prosecutors believing that he sold those shares while knowing of the bankruptcy Enron was facing.

Skilling, born in Pittsburgh, Pennsylvania, received his B.S. in applied scienceApplied science is the art of applying scientific knowledge to practical problems. It is closely related or identical to engineering. Applied science can be used to develop technology. Reference ; WordNet entry. Applied sciences. at the Southern Methodist UniversitySouthern Methodist University often known by its acronym of SMU is a private university in University Park, Texas, USA. University Park is one of two adjacent Dallas suburbs sometimes called The Bubble (the other being Highland Park) because they are surr, and his M.B.A. at Harvard Business SchoolHarvard Business School (HBS) is one of the graduate schools of Harvard University, and is one of the world's leading management schools. Official name: Harvard University Graduate School of Business Administration: George F. Baker Foundation The School w. He was a consultant at McKinsey & CompanyMcKinsey & Company is a privately owned management consulting firm. Known both internally and externally as simply "The Firm" , McKinsey was founded in Chicago during 1926 by James O. McKinsey, but the modern McKinsey was shaped by Marvin Bower, who belie before moving to Enron (around 19871987 is a common year starting on Thursday. Events January January 1 Nunavut's capital changes it name to Iqaluit from Frobisher Bay. January 3 Aretha Franklin becomes the first woman inducted into the Rock and Roll Hall of Fame. January 4 An Amtrak train), helping the company create a forward marketThe forward market describes the over the counter market in contracts for future delivery or, in physical commodities, for later shipment. Forward contracts are personalized between parties and thus are infrequently exchange traded. The forward market is in natural gasNatural gas is a gas produced by the anaerobic decay of organic material. It is usually found in oil fields and natural gas fields, but is also generated in swamps and marshes (where it is called swamp gas or marsh gas , in landfill sites, and during dige.

He became the Chief Operating Officer in 1996, generally considered the 2nd highest position behind Ken Lay. When the latter (in February 2001) gave up his position of CEO, he designated Skilling as his replacement. Skilling unexpectedly resigned on August 14 of that year, citing personal considerations, and he soon sold all of his shares in the corporation. When brought in front of congressional committees, he stated that he had "no knowledge" of the complicated chain of scandal that would eventually result in Enron's bankruptcy.

Skilling is the highest-ranking Enron official to face criminal charges. Other Enron officials mentioned in the indictment include Richard Causey (former chief accounting officer), Andrew Fastow (who pled guilty in his role as the chief financial officer), Ben Glisan (the former treasurer who was the first official to be sent to prison), and Kenneth Lay (only in title, though). Fastow (who reported directly to Skilling, along with Causey), after pleading guilty, has been cooperating with the government to make a case against other officials. He stated that Enron's top officials approved his work that eventually led to Enron's downfall.

Skilling is the brother of Tom Skilling, a popular meteorologist in Chicago, Illinois.