Monday, April 3, 2006
White collar defendants are being sentenced higher than ever before. Just ask Bernie Ebbers, former CEO of WorldCom who was sentenced to 25 years, John Rigas, founder of Adelphia who was sentenced to 15 years; or his son Timothy Rigas, the CFO of Adelphia who was sentenced to 20 years. And we haven't even mentioned the ridiculous sentence that Jamie Olis originally received - over 24 years - that was remanded for resentencing by the Fifth Circuit Court of Appeals.
There is now a newcomer to the club, and his name is David Wittig, the former CEO of Westar who received a sentence of 18 years. And the former executive VP, Douglas Lake, received a 15 year sentence. And there were also fines - "Wittig to pay $14.5 million in restitution and [ ] Lake to pay $2.785 million." (see Wall Street Journal here)