Prosecutors are asking a judge to keep the sentence stiff for a former Dynegy executive whose 24-year prison term for his role in a fraudulent accounting scheme was thrown out by a federal appeals panel.
Jamie Olis, 39, a former midlevel executive at the energy dealer who was convicted in November 2003 of conspiracy and five counts of securities, wire and mail fraud for helping push through a 2001 scheme to disguise debt as cash flow. Prosecutors have asked he be re-sentenced to more than 15 years.
The 5th U.S. Circuit Court of Appeals in October upheld Olis' conviction, but overturned the lengthy sentence imposed in March 2004, saying federal sentencing guidelines had been improperly applied.
The U.S. Supreme Court ruled in January that the guidelines, which say defendants found responsible for a loss exceeding $100 million should face sentences surpassing two decades, are advisory and no longer binding.
Two others charged in the scheme -- Olis' former boss, Gene Foster, and former in-house accountant Helen Sharkey -- pleaded guilty to conspiracy in August 2003 and will be sentenced Jan. 5 along with Olis.
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