Jeff Skilling Essay

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Jeff Skilling served as President of Enron Energy Services for ten years, and then CEO of Enron, was indicted by the United States Securities and Exchange Commission. “In May 2006, Skilling was convicted by a jury of one count of conspiracy, twelve counts of securities fraud, five counts of making false representations to auditors, and one count of insider trading.” Skilling not only lied to auditors; he also lied to the Securities and Exchange Commission during questioning in their investigation of Enron. The Securities and Exchange Commission was calling for Skilling to be required to pay restitution to those defrauded and hurt by his schemes. The Enron fiasco called for changes in not only auditing but also an internal control of financial reporting and accounting disclosures in an effort to improve investors trust. Skilling later appealed to the United States Supreme Court for theft of honest services, change of venue and voir dori. The Supreme Court found that the Skilling right to trial by impartial jury was not violated. During the Security and Exchange Commission investigation of Enron Skilling gave a deposition stating that he sold thousands of shares of stock out of fear shortly following the September 11 terrorist attacks. The SEC later found that during Skilling’s district trial he had actually tried to sell thousands of his shares prior to the September 11 attacks. The SEC stated that Skilling had lied under oath and obstructed their investigation. “The falsity of Skilling's SEC testimony is also demonstrated by Skilling's testimony at trial where, on direct examination during the defense case, Skilling stated that he attempted to sell stock on September 6, 2001, to create a "bull hedge" for a short position in AES stock, that after the attempted sale fell through he contacted Enron attorney Rex Rogers and requested a letter notifying his
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