Skilling may face 325 years in jail

JEFFREY SKILLING, the former Enron chief executive who resigned months before the US energy giant collapsed, surrendered yesterday and was charged with offences that could land him in prison for 325 years.

An indictment, unsealed in Houston, accused Skilling and Richard Causey, Enron’s former chief accountant, of participating in widespread schemes to mislead government regulators and investors about the company’s earnings. Causey was indicted a month ago.

“I plead not guilty to all counts,” Skilling told Magistrate Judge Frances Stacy.

Prosecutors said he could face up to 325 years in prison and over $75 million in fines if convicted of all 36 counts.

Defence lawyer Dan Petrocelli said prosecutors “were making a grave mistake” and that Skilling had co-operated fully with investigators and government panels.

“Jeff Skilling has nothing to hide,” Mr Petrocelli said.

“He did not lie. He did not take anyone’s money, and in the 60 pages of charges filed by the United States government, they don’t even accuse him of these things, and it’s not from lack of trying.”