Supreme Court hears former Enron CEO's appeal



WASHINGTON (CNN) -- The U.S. Supreme Court will hear arguments Monday from an attorney for a former Enron chief executive seeking to overturn his 24-year conviction on securities fraud and other charges.

Jeffrey Skilling was convicted of 19 counts of fraud, conspiracy and insider trading in the collapse of the Texas-based energy services company. He had been a longtime executive at what became the world's largest wholesaler of gas and electricity.

Skilling resigned under pressure in 2001 amid the company's financial crisis.

Thousands of investors and company employees lost their savings and jobs in a case that became a poster child for corporate corruption cases in the past decade.

Skilling and Enron's top executive, Kenneth Lay, were accused of spearheading a campaign to mislead investors and shareholders with an aggressive investment strategy aimed at suppressing the company's shaky financial footing.

Both men were convicted in May 2006. Skilling was sentenced to more than 24 years in prison and fined $45 million. Lay died in July 2006 before sentencing. A federal appeals court upheld Skilling's conviction.

In the appeal, attorney Daniel Petrocelli argues that all convictions should be overturned because his client was improperly convicted of withholding his "honest services" from Enron's shareholders, a violation of federal law dealing with fiduciary responsibilities.

Petrocelli has said the government never proved Skilling's conduct was designed to achieve "private gain," as the law required, as opposed to advancing the company's interests. He also said the "honest services" requirement is too vague.

"The government did not contend, and the record did not suggest in any way, that Skilling intended to put his own interests ahead of Enron's," the appeal said.

Oral arguments begin at 1 p.m. ET. To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 17,817.90 7.84 0.04%
Nasdaq 4,754.89 41.92 0.89%
S&P 500 2,069.41 5.91 0.29%
Treasuries 2.31 -0.00 -0.22%
Data as of 4:48pm ET
Company Price Change % Change
Bank of America Corp... 17.18 0.06 0.35%
Apple Inc 118.62 2.16 1.85%
AT&T Inc 34.70 -0.58 -1.64%
Microsoft Corp 47.60 -0.38 -0.79%
Intel Corp 36.26 0.66 1.87%
Data as of 4:01pm ET

Sections

The Clydesdale horses, with their signature white feathered legs, have been featured in Budweiser ads for decades. More

Russia's finance minister warned Monday that his country is losing up to $140 billion per year because of falling oil prices and sanctions with Western nations. More

Obama doesn't have the authority to create a startup visa, but part of his reform announcement could include a workaround for entrepreneurs: 'parole status.' More

The richest of the rich earned much more in 2010 than in 2009, and their federal income tax bill as a percent of their income fell. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.