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KPMG paying $8.2M to settle SEC charges of compromising independence with non-audit services

WASHINGTON - The big accounting firm KPMG has agreed to pay $8.2 million to settle federal regulators' charges of compromising its independence by providing non-audit services to companies whose books it audited. The Securities and Exchange Commission announced the settlement Friday with New York-based KPMG, one of the so-called Big Four accounting firms with Deloitte, Ernst

Supreme Court looks back at Enron scandal in case over whistle-blower protections

WASHINGTON - The Supreme Court looked back Tuesday at the collapse of energy giant Enron to determine who is protected from retaliation after blowing the whistle on a company's misdeeds. The justices heard arguments in an appeal brought by two former employees of companies that run the Fidelity family of mutual funds. The workers claimed they faced retaliation after they reported allegations of fraud affecting Fidelity funds. They argue that a provision of the Sarbanes-Oxley Act, passed in 2002 in response to the Enron scandal, protects their whistle-blower activity.

Obama to tap ex-Enron prosecutor to run Justice Department criminal unit

WASHINGTON (Reuters) - The White House said on Tuesday it planned to nominate a former prosecutor who helped build the case against Enron Corp to serve as the U.S. Justice Department's top criminal cop. President Barack Obama said he would nominate Leslie Caldwell, a private lawyer who previously supervised the Justice Department's case against one of the largest accounting frauds in U.S. history, to run the agency's criminal division.

Former Enron CEO Skilling's sentence cut to 14 years

By Kristen Hays and Anna Driver HOUSTON (Reuters) - A federal judge slashed 10 years off of his prison sentence of former Enron Corp Chief Executive Jeffrey Skilling on Friday, a decision that could set him free as early 2017. U.S. District Judge Simeon Lake reduced his term to 14 years from 24 years, accepting a deal struck between prosecutors and Skilling's lawyers that will end years of appeals.

US cuts prison term of disgraced Enron CEO Skilling

A US judge cut 10 years off the prison sentence of disgraced former Enron chief executive Jeff Skilling on Friday after he spent years fighting his original 24-year jail term for fraud. But he was also ordered to forfeit $42 million dollars to be used to compensate victims of the Enron debacle, who include employees who saw their pension savings wiped out. Skilling, who led the high-flying energy and trading conglomerate before its disastrous collapse in 2001, was resentenced in a federal court in Houston, Texas, the Justice Department said.

Former Enron workers say they are upset by 10-year cut in sentence of ex-CEO Skilling

HOUSTON - Two former Enron Corp. employees say they are upset that ex-company CEO Jeffrey Skilling had a decade cut from his original sentence of more than 24 years during a resentencing hearing. Diana Peters, the only Enron victim who spoke at the hearing, says Skilling remains a "manipulating, greedy, money-hungry person." Another ex-employee, George Maddox, said in a phone interview from his East Texas home that Skilling "should have to serve his time just like everyone else." Skilling was resentenced Friday by U.S. District Judge Sim Lake in Houston.

Ex-Enron CEO Skilling gets 10 years cut from sentence as part of court-ordered reduction, deal

HOUSTON - Ex-Enron Corp. CEO Jeffrey Skilling — seen by many as exemplifying the worst in corporate fraud and greed in America — could be released from prison in about four years after a federal judge on Friday shaved off a decade from his original sentence of more than 24 years. Skilling's resentencing during a packed courtroom hearing brought one of the country's most notorious financial scandals — the collapse of the once-mighty energy giant — to a conclusion that upset some former Enron workers.

Business Highlights

___ Stocks recover on Wall Street after a 2-day plunge Traders decided that the stock market has suffered enough, at least for now. After a two-day plunge, stocks ended the week with an advance on Friday, suggesting that Wall Street may be successfully weaned from the Federal Reserve's easy money after all. "Saner heads are prevailing," said Jim Dunigan, chief investment officer at PNC Wealth Management. "People are looking a little deeper into the message from the Fed — the economy is getting better," he said. "At the end of the day that's a positive."

US reaches deal to reduce Skilling sentence

The prison sentence of disgraced former Enron chief executive Jeff Skilling will be cut by as much as 10 years under a deal announced Wednesday by federal criminal prosecutors. Currently in prison on a 24 year sentence for for securities fraud, false statements and other charges, Skilling will see his jail term reduced to between 14 years and 17 and a half years under the agreement that will end his long battle against conviction. Judge Sim Lake, who presided over Skilling's trial in 2006, set his new sentencing for June 21, 2013.

Ex-Enron CEO Skilling's sentence could be reduced by a decade; restitution to start being paid

HOUSTON - Convicted ex-Enron Corp. CEO Jeffrey Skilling's more than 24-year prison sentence for his role in the once mighty energy giant's collapse could be reduced by as many as 10 years if a federal judge approves an agreement reached Wednesday between prosecutors and defence attorneys. Under the agreement, which Justice Department officials say includes a previous court-ordered reduction of as much as nine years, Skilling's original sentence will be reduced to somewhere between 14 and 17.5 years.
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