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Bloomberg NewsEx-Enron CEO Jeff Skilling was denied a request to be released from prison on bail while he appeals his 2006 fraud convictions. The U.S. Court of Appeals in New Orleans Friday denied Skilling's request in a one-sentence ruling that didn't provide an explanation.
Skilling, 56, is serving a 24-year sentence after a Houston jury convicted him for leading what prosecutors said was a widespread accounting fraud that deceived investors about Enron's true financial condition. Skilling has asked that his convictions be reversed and that he be retried by a jury that isn't allowed to consider so-called "honest-services" fraud in weighing his guilt or innocence.
In June, the U.S. Supreme Court ruled in Skilling's favor, saying he was prosecuted under a law regarding honest services fraud that doesn't apply to his case. The justices said the law, which covers fraud schemes to "deprive another of the intangible right to honest services," could be constitutionally applied only to cases involving bribery or kickbacks. Skilling's lawyer, Daniel Petrocelli, couldn't be reached for comment.
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