Saturday, October 10, 2009
A jury convicted John and Timothy Rigas of conspiracy, bank fraud and securities fraud (they were acquitted of wire fraud). The Second Circuit then "affirmed the convictions on all counts except one count of bank fraud" and recommended a resentencing. Their sentences were ultimately reduced to 12 and 17 years. Being re-examined by the Second Circuit Court of Appeals, the court looked at the reasonableness of the sentences and found that the sentences were not procedurally or substantively unreasonable. The court, in speaking about the sentences, stated that they "do not constitute a 'manifest injustice' or 'shock the conscience,' and do not otherwise compel a conclusion that they are substantively unreasonable." See opinion here; See also Doug Berman's Sentencing Law & Policy Blog here. For background and Brief of Appellants - see here.