Former Enron chief executive Jeffrey Skilling listened yesterday to victims of the company's collapse as he awaited sentencing for his role in the fraud that caused the bankruptcy.
Legal analysts predicted that the 52 year-old could spend the rest of his life in jail, serving a 20-30 year sentence that would be one of the toughest in the history of white-collar crime in America.
Prosecutors also want Skilling to pay more than $183 million, (€145.8 million) which they say he stole while at Enron.
Skilling told the court that he was innocent of any wrongdoing at Enron, despite his conviction in May on 19 counts of fraud, conspiracy and insider trading.
"In terms of remorse, I cannot imagine more remorse. All that being said, I'm innocent of every one of these charges," he told the packed courtroom in Houston, Texas.
Enron founder Kenneth Lay was also convicted in May on 10 counts of conspiracy and fraud, but his death from a heart attack in July left Skilling as the most prominent former executive facing time in prison.
Enron's collapse wiped out about $68 billion in market capital and left about 9,000 employees unemployed, many of whom also lost all their retirement savings.
Skilling denied reports that he felt no remorse for his role in the company's collapse, which followed years of lying about Enron's financial health and manoeuvres to hide debt and inflate profits.
"I can tell you that's just the furthest thing from the truth. It's been very hard on me, but probably, more important, incredibly hard on my family, incredibly hard on employees of Enron Corp, incredibly hard on my friends and incredibly hard on the community. And I want my friends, my family to know this," he said.
Dawn Powers Martin was one of 10 former Enron employees who addressed the court about the impact of Skilling's crimes.
"Mr Skilling has proven to be a liar, a thief and a drunk, flaunting an attitude above the law. He has betrayed everyone who has trusted him. Shame on me for believing the management of Enron," she said.
Skilling said he would appeal his conviction, a process that can begin following sentencing.
"We will continue to pursue my constitutional rights and it's no dishonor to this court and anyone else in this court. But I feel very strongly about this, and I want my friends, my family to know that," he said.
