Skilling argued that his convictions were invalid because of what his lawyers argued were faulty jury instructions, incorrect legal theory, prosecutorial misconduct (including accusations of witness intimidation and withholding evidence), a biased jury, and incorrect legal theory. In May 2006 Skilling was convicted on 19 counts of fraud, conspiracy, insider trading and lying to auditors for his role in the collapse of Enron, once the nation's seventh largest company. Skilling is the highest-ranking executive to be punished for the dubious business deals and accounting tricks that led to the loss of thousands of jobs, $60 billion in Enron stock value and more than $2 billion in employee pension plans after the company imploded in 2001. He is now serving the longest prison sentence in the Enron scandal at a federal prison in Minnesota.
The panel wrote in its opinion that Skilling "failed to demonstrate that the government's case rested on an incorrect theory of law or that any reversible errors infected his trial."
Many thought that the prior reversals indicated that the honest services argument might help overturn some or possible all of Skilling's convictions.
Federal prosecutors said they were pleased with the decision.
