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 Friday, March 26, 2004 |
Dynegy exec sentenced to 24-year prison term for accounting fraud
Bernard Hibbitts at 8:34 AM ET
A former Dynegy executive was sentenced Thursday to an unprecedented prison term of 24 years and four months for accounting fraud. James Olis was convicted of illegally disguising company debt, causing stock losses of more than $500 million. He was sentenced under guidelines last revised in November 2001, before the Enron scandal broke, but presiding federal judge Sim Lake said the sentence reflected the federal crackdown on corporate crime. Lake is also presiding over the case of former Enron executive Jeff Skilling. Olis may be able to get some three years shaved off his sentence for good behavior, but there is no parole in the federal prison system. Friday's Houston Chronicle has more.
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Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible, ad-free format.
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