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Legal news from Friday, March 26, 2004



Dynegy exec sentenced to 24-year prison term for accounting fraud
Bernard Hibbitts on March 26, 2004 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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