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WSJ: Ex-Enron CEO Meets with Crypto Experts for New Venture Following Prison Release

Jeffrey Skilling — the previous Enron CEO who served 12 years in jail after a 19 rely conviction for his phase within the company’s infamous cave in — is allegedly assembly with crypto trade mavens forward of his new industry challenge. The declare was once made in a record from the Wall Side road Magazine on March 22.

Skilling was once launched from federal custody on Feb. 21, having served 12 years out of a complete time period of 24 years. He had resigned as CEO of power company Enron in August 2001, simply months forward of the company’s chapter submitting. Arrested in 2004, along Enron founder Ken Lay, Skilling was once sentenced in Might 2006 on 19 counts of securities fraud, conspiracy, insider buying and selling, and deceiving auditors.

The WSJ stories that Skilling, just lately out of jail, is now looking for companions for a brand new challenge — which, like Enron, might be hooked up with the power finance sector. Whilst main points stay scant, the WSJ’s assets have characterised the undertaking as a virtual platform that will attach traders to grease and gasoline tasks.

Two of those nameless assets have reportedly claimed that Skilling has been assembly with cryptocurrency, blockchain, and device building mavens in reference to the undertaking. Alternatively, those claims were refuted by means of separate — likewise nameless — assets for a CNBC record at the tale, revealed on March 23.

CNBC, having gleaned in a similar fashion sparse main points at the nature of the challenge, referred to it as an early-stage undertaking for a device program focused at oil and gasoline traders. Each the WSJ and CNBC record that whilst the undertaking is but to safe monetary backing, a number of early advisers were requested to signal non-disclosure agreements, and no less than one former colleague — the erstwhile Enron head of power services and products, Lou L. Pai — has pledged to put money into the enterprise.

Because the WSJ notes, beneath the phrases of a separate United States Securities and Change Fee judgment, Skilling is completely prohibited from serving as an officer or director of a publicly held corporate.

Each the WSJ and CNBC record that the theory for the brand new undertaking was once hatched whilst Skilling was once nonetheless an inmate at a correctional facility in Alabama, with WSJ noting that he “was once already taking conferences at the undertaking whilst serving six months at a Texas midway area sooner than he totally regained his freedom,” and CNBC claiming he “it sounds as if apprehensive for the remainder of his sentence that any individual else would get a hold of the theory sooner than he were given out.”

A number of blockchain tasks for the power financing sector precede Skilling’s concept — such because the blockchain-powered platform Vakt for power commodity buying and selling, which continues to onboard main trade gamers together with BP, Shell and Overall.

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