Risk Management

Former Dynegy Exec Seeks Sentencing Delay

Disguised $300 million debt as income; appeal to be handled by Fastow's attorney.
Stephen TaubFebruary 2, 2004

James Olis, a former finance executive of energy company Dynegy who was convicted on securities fraud and other charges, is seeking a delay in his sentencing so he can study a pre-sentencing report prepared by probation officials, according to the Houston Chronicle.

Attorney David Gerger, who represents former Enron CFO Andrew Fastow, confirmed to the Chronicle he’d been hired to represent Olis in his planned appeal.

Olis, who was senior director of tax planning when the crimes were committed and was later promoted to vice president, finance, is set to be sentenced on February 19. A first-time offender currently free on bond, Olis is mindful that probation officials are recommending a “sobering and severe sentence.” The maximum he could draw is 35 years in prison.

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The former executive was charged for his role in a deal called “Project Alpha.” Government prosecutors alleged that he and two colleagues borrowed $300 million and then attempted to disguise the loan as cash flow from operations instead of accounting for it as debt. In November Olis was found guilty of six counts of fraud.