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This meant more investor capital that could help dig Enron from the debt that it had obtained over years. In August of 2001 Skilling unexpectedly resigned claiming personal reasons. He soon sold large blocks of his shares in the company. Kenneth Lay then took over again as CEO of the company but Enron had to declare bankruptcy in December of 2001.
Skilling was indicted of 28 accounts of fraud, insider trading, conspiracy and other crimes relating to the fall of Enron. Skilling had sold almost 60 millions dollars in his stake of the company and used 40 million the preparation of the trial. He was found guilty on accounts of fraud, insider trading, conspiracy and making false statements to auditors...
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