Skilling to start prison term

NEW YORK (CNNMoney.com) -- Former Enron CEO Jeff Skilling is set to begin serving a 24-year sentence in a federal prison on Tuesday.

The 52-year-old Skilling was sentenced in October to 24 years and four months in prison for orchestrating the largest corporate fraud in history which led to the demise of his Houston-based energy company.

Skilling is due to serve his sentence at a prison near Waseca, Minn., near Minneapolis, according to court documents.

Skilling was also ordered to pay about $50 million into a restitution fund for Enron's victims, rather than monetary damages to the government.

In May, Skilling was found guilty on 19 of 28 charges of defrauding investors by using off-the-books deals to hide debt and inflate profits.

Skilling was originally slated to serve time alongside Enron founder Kenneth Lay, who was convicted of 10 counts of fraud and conspiracy.

Lay passed away in July of heart problems. With his death, Lay's conviction was legally vacated.

Enron's collapse marked the first of the high-profile corporate scandals that rocked the nation after the 1990s economic boom, followed by WorldCom, Global Crossing, Adelphia and Tyco (Charts).

The wave of fraud led to passage of the Sarbanes-Oxley law that tightened oversight of how American companies are audited.

-- Reuters contributed to this report.

Correction: An earlier version of this story incorrectly reported that Mr. Skilling will report to jail Wednesday, he is reporting to jail Tuesday. CNNMoney.com regrets the error. Back to story.

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