Jamie Olis gets 6 years at resentencing
Thanks to Tom Kirkendall’s post here, we can get the initial highlights from the Jamie Olis resentencing hearing, where Olis received a sentence of six years. This is, obviously, a huge reduction from his initial sentence of 24 years, though many could (and surely will) still debate whether it is a sentence “sufficient, but not greater than necessary” to achieve the sentencing purposes set forth by Congress in the Sentencing Reform Act. Here is Tom’s description of the basis of sentence (which will be in a full opinion I’ll post once available):
During the hearing, Judge Lake read portions of a lengthy written opinion that he has written on the Olis resentencing that he issued after the hearing. Although Judge Lake found that a guideline sentence for Olis would be in a range of 151-188 months based on an estimated $79 million damage amount (based on the intended tax benefit to Dynegy from Project Alpha), he concluded that Olis deserved a non-guideline sentence because of Olis’ exemplary character, the fact that Olis did not personally gain from Project Alpha, and that Dynegy did not fail as a going concern as a result of the transaction. Judge Lake also concluded that the extensive publicity relating to Olis’ case and other recent white collar business cases has sufficiently informed the business world of the severity of fraudulent business conduct that principles of general deterrence do not require a guidelines sentence.
The Houston Chronicle has this account. Larry Ribstein adds some quick thoughts here, and Ellen Podgor has another thoughtful reaction here.
UPDATE: The Olis resentencing opinion runs 34 total pages, and it can be downloaded below. Here is the key conclusion from Judge Lake:
Having considered all of the factors mandated by Congress, including the sentencing guidelines and policy statements, the court concludes that a sentence within the applicable guideline range would not be reasonable, and that a non-guideline sentence of 72 months in prison is appropriate.