Imprisoned former Enron Corp. CEO Jeffrey Skilling might have just gotten a lucky break.
The 59-year-old executive—who has so far served six of his 24 years behind bars for conspiracy, securities fraud, insider trading and lying to auditors—has reached an agreement with the Department of Justice (DOJ) to cut his federal prison sentence to 14 years. That means Skilling could walk free as soon as 2018.
As part of the agreement, Skilling would have to stop any further attempts at getting a new trial to try to overturn his conviction. Additionally, $40 million that the government has seized from him as part of the case would be distributed to victims of his misdeeds.
A federal judge must still approve the revised sentence. A hearing is scheduled for June 21.
For more InsideCounsel coverage of Skilling’s scandal, read: