White Collar Crime Professor points out some tidbits in the resentencing opinion of Dynegy exec Jamie Olis, which may signal bad news for Jeffrey Skilling. In explaining the reasons for lowering Olis’ sentence from 24 years to a “mere” 6 years, Federal District Court Judge Sim lake writes:
…unlike some other recently publicized corporate fraud cases, the purpose of this conspiracy was not to defraud Dynegy or to enrich Olis. Nor did the conspiracy cause Dynegy to file for bankruptcy… Although these facts do not detract from the seriousness of the crime for which Olis was convicted, they mitigate against the type of harsh sentence that may be deserved in cases where the defendant’s conduct enriched him at the company’s detriment or brought about the downfall of the company.
The opinion also points out that Olis deserves a lower sentence because the fraud involved was not meant to defraud the company or its shareholders, and not meant to enrich the defendant. Worse still for the former CEO of Enron?… The author of these words himself is scheduled to sentence Skilling on October 23rd.