The charges reportedly stemmed from the two finance executives' roles in Project Alpha, a 2002 trading and financing scheme that helped the energy company inflate its reported cash flow by as much as $300 million.
Stephen Taub, CFO.com | US
January 6, 2006
I do not believe they received a fair punishment, as they lied and cheated people. 18 months for Sharkey would have been light, but fairer than just a few months. Regarding her new parental responsibilities, that should not be a reason for a light sentence, as it occurred after the crime was committed and bears no relationship to the fraud. Concerning Mr. Foster, he also should not receive a light sentence either, because he caused major losses and commtted fraud. 15 months in prison and $1000 does not seem adequate to compensate for fraud. Obviously, if you are going to steal, make it big rather than just robbing a bank. Robbing a bank for a few million is a bigger crime than fraud for $300 million.
Posted by Michalina Pietras | January 06, 2006 02:00 pm© CFO Publishing Corporation 2009. All rights reserved.