Jeffrey Skilling, the former CEO of Enron Corp., was sentenced to 24 years and four months in prison Monday for his role in orchestrating one of the biggest corporate scandals in U.S. history.

Skilling was found guilty in May on 19 of the 28 charges he faced: one count of conspiracy, one count of insider trading, five counts of making false statements and 12 counts of securities fraud. He was acquitted on nine counts of insider trading.

Co-accused Kenneth Lay, the founder of Enron, was found guilty of six counts of fraud and conspiracy but died of heart failure in July, before he could be sentenced. Because he died before having had a chance to appeal, a federal judge last week ordered the convictions vacated.

Enron’s bankruptcy in December 2001 — at that time, the biggest in U.S. corporate history — followed revelations that it had hidden huge losses by using fraudulent partnership deals. The losses were kept off the company’s balance sheet.

After the losses were revealed, the company’s stock plunged, wiping out US$60 billion in stock market value and throwing 5,600 Enron employees out of work.

The Enron debacle eventually led to a toughening of regulatory requirements dealing with the reporting of financial results.