October 1, 2007
SEC Settlement in Dynegy Related Matter
Jess Westbrook, Bloomberg News has an article in the Houston Chronicle titled, "Former Dynegy Figure Settles With SEC." According to this article it would appear that Chief Financial Officer Robert Doty agreed to pay $376,650 to settle SEC allegations related to Project Alpha at Dynegy. Jamie Olis initially received over 24 years in prison, a sentence that was then reduced following a Fifth Circuit remand to 6 years in prison for his role in Project Alpha. Olis asserted his constitutional right to a trial by jury. (see here and here) For full details on the settlement with the SEC see here. The Order issued discusses the roles of individuals in Project Alpha at Dynegy, although the civil findings were without "admitting or denying" the Commission's findings.
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With a "without admitting or denying" whitewash, it's hard to understand how Otis even got 6 years.
Posted by: Jack Payne | Oct 1, 2007 10:19:25 PM