Schilling Named in Federal Indictment

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Former Enron CEO Jeffrey Skilling is named in a federal indictment arising from the Houston energy giant's financial collapse.

The indictment accuses Skilling and former chief accountant Richard Causey of scheming to mislead government regulators and investors about Enron's earnings.

Skilling is named in 36 of the 42 counts contained in the indictment unsealed today. Ten specifically accuse him of insider trading generating almost $63 million from stock sold from April 2000 through September 2001. That was about a month after he quit the Houston-based company.

Skilling is the highest-ranking former Enron executive to date to face criminal charges so far. The indictment alleges that during that time, Skilling sold shares in blocks ranging from 10,000 to 500,000 shares.

Skilling surrendered to authorities earlier today, led away in handcuffs a short time later.