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Sarbanes-Oxley News & Developments
Former Enron ES Exec Sent to PrisonTestimony by Delainey against Lay and Skilling likely reduced his sentence.
> > Another former Enron executive is headed to prison.
Delainey faced as much as 10 years in prison, reported AP. In February, however, the executive testified during the trial of former Enron chiefs Kenneth Lay and Jeffrey Skilling noting that he reluctantly agreed to participate in a plan approved by Skilling to hide $200 million in losses. Because of this cooperation, prosecutors recommended that Delainey receive a sentence on the lower end of the sentencing guideline range. The Chronicle pointed out that Delainey had previously handed over his $4.2 million in illegal trading profits to the Justice Department, as well as $3 million to the SEC. Delainey, who was immediately ordered to go into Federal custody, was described by the paper as showing little emotion when a U.S. marshal took him into custody.
Source: CFO
Published:2006-09-19
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