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Ex-CEO Gets 11 Years in the Slammer

MANHATTAN (CN) - Former Kaiser Himmel Corp. CEO Eric Skys was sentenced on Thursday to nearly 11 years in federal prison for defrauding Citibank of more than $83 million. Skys, 26, forged financial documents and offered as collateral millions of share stock that he didn't own. He pleaded guilty to wire, securities and bank fraud on the second day of his trial.

Skys, of Somerset, Pa., has been lodged at taxpayer's expense since he was arrested on May 15, 2008. U.S. District Judge William Pauley III sentenced him to 130 months in prison.

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