- Jeffrey Skilling, the former Enron CEO, was released from prison last month
- Speculations run wild in the cryptospace stating Skilling is mulling entering the industry
- Sources close to CNBC state that nothing has been finalized as yet
Former Enron CEO, Jeffrey Skilling is reportedly in talks with several ex-colleagues to find his way back into the energy business. However, contrary to reports stating that Skilling is poised to enter the cryptocurrency industry, sources close to CNBC report that the high-profile business tycoon hasn’t taken a decision yet.
A Scandal of Ridiculous Proportions
The Enron fiasco has the unfortunate distinction of being one of the largest corporate scandals in the world to date.
The scandal that stemmed out of a combination of factors such as accounting irregularities, 9/11 terrorist attack on the World Trade Center, and corporate bureaucracy culminated in the arrest of a total of 21 people and forced Enron and accounting firm Arthur Anderson out of business.
In 2006, Enron’s former CEO, Jeffrey Skilling was sentenced to 14 years in prison following his conviction on 19 counts. Skilling was found guilty of lying to Enron’s investors about the company’s disarrayed state of finance. However, to date, Skilling maintains that he is innocent.
In addition to the prison sentence, Skilling was slapped a fine of $45 million. This fine, however, dwarfed in comparison to the billions of dollars lost by thousands of Enron’s investors.
Fast Forward 2019
Skilling, now 65, was released from prison last month after serving a 12 years sentence and unsurprisingly, the former multi-millionaire is wasting no time to once again don the suits and ties.
Skilling has reportedly been reaching out to his former colleagues to develop a new business venture in the oil and energy sector. Although nothing has been finalized as yet, the proposed project is reportedly in its early stage and hasn’t seen any inflow of investment yet.
Reports state that Skilling has been in constant touch with the former head of Enron’s Energy Services Division, Lou Pai to discuss on the business opportunity. Pai is currently working as an industry consultant.
Skilling has also reportedly met with a number of individuals who have had experience in cryptocurrency and blockchain technology. This trivia has piqued the attention of crypto-enthusiasts the world over.
I’m going to die laughing if people invest their funds with a former Enron executive that went to jail for fraud. https://t.co/ApvgWhCB86
— Bitfinex'ed (@Bitfinexed) March 22, 2019
However, sources close to the matter have told CNBC that Skilling’s proposed venture does not involve cryptocurrency or distributed ledger technology.
The report by CNBC reads in part:
“Contrary to other reporting, the sources told CNBC that the venture does not involve cryptocurrency or blockchain technology. And they said it is one of a number of paths Skilling is considering in hopes of returning to the industry he knows best.”
Whether Skilling tests his mettle in the crypto industry or not, it will surely be interesting to see how his second innings in the corporate world pans out. For the time being, cryptocurrency enthusiasts will have to make do with memes and rife speculations on crypto Twitter.