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January 5, 2006

Cooperating Dynegy executives get relatively light sentences

As detailed in this Houston Chronicle story, this afternoon "a former Dynegy vice president [Gene Foster] received 15 months in jail while a lower level employee [Helen Sharkey] received a one month sentence for their roles in a 2002 finance scheme."  This would seem to be relatively good news for the highest profile Dynegy defendant, Jamie Olis, because (as discussed here) prosecutors had recommended significantly higher sentences for both Foster and Sharkey. 

At the very least, these sentences suggest that Judge Sim Lake considers the prosecutors' recommendations too harsh; they may also provide a relative benchmark for the sentence being contemplated by Judge Lake for Jamie Olis.  Of course these sentences also reveal that Judge Lake does not think he can or should go too lightly on these defendants: their laywers were asking for only a term of probation.

As detailed here, Jamie Olis' resentencing was postponed yesterday so that Judge Lake could consider more fully the arguments over loss calculations under the guidelines.  In light of all these developments, I am sticking to my prediction that Judge Lake will impose a sentence on Jamie Olis of around 5 to 7 years.

Related posts with more background on the Jamie Olis case:

UPDATE: Additional press coverage is now available from the AP and from Reuters.

January 5, 2006 at 04:44 PM | Permalink

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