Jeffrey Skilling the owner of the big American giant, Enron is found guilty by the jury. He was charged with 29 cases out of which in 19 cases he was declared prime suspect by court. These 19 cases include the cases of fraud, conspiracy and cheating. He is also charged with the allegations of not providing proper documents of its assets and profit in between 1985 to 2001. For this he was sentenced for 24 years 4 months along with fine.
Former chief executive of Enron late Mr. Kenneth Lay was also found guilty along with Skilling, but due to his death Mr. Skilling has to face the charges alone.
The main story behind the collapse of Enron started in 2001 when Enron declared itself a bankrupt. Cooperate world of America remained stunned and it was unable to believe that, how such a big company can crumble immediately in such a short span of time.
According to experts, Enron simply applied the cheap way of business. It simply went on showing its profit, which was nothing but paper work. After showing such a big profit people started investing in Enron. The price of a single share rose up to 300%. But in 2002 Enron declared loss. Many of its share holders were ragged and employees lost there jobs.
Conviction against Enron is the result of nearly 5 years of hard work and dedication by the prosecutors and investigators of Enron task force, whose tireless effort demonstrate the finest quality of public services.
