23 Jun 2013

Former Enron boss has jail term cut

11:46 am on 23 June 2013

The prison sentence of the former boss of the American energy giant Enron has been reduced on appeal from 24 to 14 years.

Thousands of workers lost their jobs and retirement savings when Enron collapsed in 2001, following the revelations of corporate fraud, the BBC reports.

Jeffrey Skilling was convicted in 2006 of covering up Enron's bankruptcy with accounting tricks and shady deals.

Skilling was able to push for a sentence reduction because an appeals court ruled in 2009 that a sentencing guideline was not correctly applied in the original trial.

His prison term is now set to expire in December 2020.