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Recently out of prison, Skilling is pitching a new venture incorporated by his wife. Former Enron executive Jeffrey Skilling, center, and his attorney Daniel Petrocelli, right, head to court Enron The New Investment Company in Houston. Jeffrey Skilling, the notorious former CEO of Enron, has resurfaced Enron The New Investment Company, this time as he reportedly seeks backers for a venture that would combine the hallmarks of his former company: energy, technology and trading. Click to see more years ago, Skilling recaptured the limelight when his sentence was reduced and again, five years later, when reports surfaced that Skilling was moved from a prison farm in Alabama to a halfway house in Houston.

COM: Skilling released after 12 years of prison. Houston was already an oil and gas town, but Enron was the magic elixir, creating new trading markets for electricity, broadband and water, rising to No. The Enron crowd had the glamour Houston was missing, too. Car dealers salivated at annual bonus time when executives would place their orders for expensive new sports cars. Skilling also was permanently barred from serving as an officer or director of a public company. If you asked, most people in the Houston business community would invest again with Skilling, said John Zavitsanos, the Houston lawyer whose firm represented Enron whistleblower Margaret Ceconi. Chalk it up to the same reasons that made Skilling a success the first time around: a quick mind that operates in the fast lane, confidence that can chew up competitors across the negotiating table and a visionary who can look at a lump of clay and see exactly what the statue will look like, said Zavitsanos, who represented several clients against Enron.

And that attitude likely came from the top. What Skilling might do next is part of the local fascination. He has a similar personality to another famous financier who also took greed too far, said Zavitsanos, Michael Milken.

Enron The New Investment Company Milken, known as the junk bond king during the go-go s, went to prison click securities fraud, but today is a respected philanthropist and founder of the Milken Institute, a public policy think tank. He was pardoned earlier this year by President Donald Trump. Does Skilling have a second act? In studies of victims of Ponzi schemes, investors tell interviewers they believe if the perpetrator was just let out of prison then he or she would be able to get the money back for them as promised. United States Oil, an exchange traded fund that invests in soon-to-expire oil futures contracts, was among the most frequently traded stocks in April on investing platforms used by individual investors.

The Debacle and Denouement

The commodities product would be sold to and traded among institutional investors through an online platform, essentially a newer version of the Enron model of taking advantage of technology to create a new trading platform, Hirs said. Commodity trading is notoriously risky; the United States Oil Fund has lost nearly 73 percent of its value this year.

After all, Andrew Fastow, the former Enron chief financial officer who spent six years in prison after admitting to two counts of conspiracy Investnent commit wire fraud and securities fraud, has turned his Enron experience into a professional speaking career. For all its impact on Houston, the Enron story had broader ramifications around the nation.

Second act

It led to passage of the Sarbanes-Oxley Act that required more corporate financial disclosure, created an accounting oversight board and strengthened whistleblower protections. The law also imposed greater accountability of corporate executives and the accountants and auditors they Invetsment.

The massive accounting fraud uncovered at Enron was followed by a wave of similar corporate fraud prosecutions, such as the accounting scandals at the telephone company WorldCom, rehabilitation hospital owner HealthSouth and cable television company Adelphia Communications. In each case, top executives went to prison. Skilling will Enron The New Investment Company be fascinating because his Invstment and fall affected so many people in Houston who lost their retirement savings, arts groups that lost their funding and civic leaders who were counting on the success of Enron, said Philip Hilder, a white-collar criminal defense lawyer. Hilder represented former Enron executive Sherron Watkins, the whistleblower who took her concerns about accounting shenanigans to Lay, the Enron chairman.

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