Former Enron CEO Jeffrey Skilling has pleaded innocent to 35 charges of conspiracy,
securities fraud, wire fraud, and insider trading, USA Today reports.
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Download NowSkilling is the highest ranking Enron executive to be charged in the financial
scandal that cost investors and employees billions of dollars. Last month, Andrew
Fastow, former chief financial officer of the energy company, pleaded guilty
to two counts of conspiracy to commit fraud in exchange for 10 years in prison.
Fastow also agreed to cooperate with prosecutors.
The 35-count indictment alleges Skilling and other executives had given investors
the false impression of financial strength when the company was failing. The
indictment also alleges Skillings and other executives set unrealistic financial
goals, and when the company failed to meet those targets, the executives created
accounting gimmicks.
Skilling is accused of using inside information to gain $63 million from Enron
stock sales in 2000 and 2001, the newspaper reports.
Skilling's attorney says the former CEO is innocent.
"The government has tried to demonize Enron from the beginning,"
says Bruce Hiler. "They have no case against Jeffrey Skilling. It's a political
season, and they need to get somebody."
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