Judge denies ex-Dynegy ececutive's appeal bond after high court ruling

[UpInArms]

http://www.mlive.com/newsflash/business/index.ssf?/newsflash/get_story.ssf?/cgi-free/getstory_ssf.cgi?f0426_BC_DynegyExec-Sentence&&news&newsflash-financial

HOUSTON (AP) -- A former Dynegy Inc. finance executive serving 24 years in a federal prison has been denied an appeal bond despite a Supreme Court decision forbidding a state judge from adding time to a Washington state convict's sentence.

U.S. District Judge Sim Lake on Wednesday denied Jamie Olis' second request to be freed from prison while appealing his November conviction. Olis was convicted of helping push through a 2001 scheme to disguise a loan as cash flow after Wall Street questioned Dynegy earnings that lagged behind high trading revenues.

The judge had previously denied Olis' request to be free on appeal because Lake determined an appeal was unlikely to reverse the conviction or result in a new trial.

Olis was sentenced to 24 years and four months in prison under federal sentencing guidelines revised as of November 2001 that require double- digit terms for white collar criminals whose actions are tied to investor losses of $100 million or more. Under previous guidelines, he would have served less than a decade.

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[olddem43]

1. let's hope these guidelines are applied to "Kenny Boy"