Tuesday, December 16, 2008
The Hartford Courant reports on the sentence of a former General Re executive. See Convicted Gen Re Executive Gets 2 Years In Prison. See also Colleen McCarthy, Business Insurance, Ferguson gets two-year sentence for finite fraud. For background see here and here. Doug Berman over at Sentencing Law & Policy here also presents thoughtful comments on the sentence. Dan Slater at the WSJ Blog discusses who represented this individual. (see Former GenRe CEO Gets Off With a Mere Two Years)
The government's sentencing memo looked at a significant loss figure (see here) There was also the judge's conclusion on the loss figure - "30 levels will be added to the defendants’ guidelines for loss of more than $400 million, 6 levels will be added for more than 250 victims, and no restitution will be ordered." There was the possibility of an extremely long sentence based upon this loss figure.
But now seeing the sentence imposed and the amount of loss previously stated, it appears that the court used reason in imposing a sentence that not only meets the offense, but more importantly focuses on the offender. It is good to see a movement away from using strict mathematical computations to determine a sentence, and to see that it is important to remember that it is an individual being sentenced.
Addendum, Chad Hemenway, Bestweek/Bestwire, Feds in Ferguson Case: Former Gen Re Chief Executive Sentence Sends Message