prison

One of the country’s most notorious financial scandals came to a protracted legal conclusion Friday as ex-Enron Corp. CEO Jeffrey Skilling — already in prison for his role in the once-mighty energy giant’s collapse — was resentenced to 14 years as part of a court-ordered reduction and a separate agreement with prosecutors. Skilling has been in prison since 2006, when he was sentenced to more than 24 years by U.S. District Judge Sim Lake. But an appeals court vacated his prison term in 2009, ruling that a sentencing guideline was improperly applied. That meant a reduction of as much as nine years. However, Skilling’s resentencing was delayed for years as he unsuccessfully sought to overturn his convictions, including appealing to the U.S. Supreme Court…The Justice Department said that in an effort to resolve a case that’s gone on for more than 10 years, it agreed to an additional reduction of about 20 months as part of a deal to stop Skilling from filing any more appeals. [AP]

That’s, right, everyone: while you’re celebrating Father’s Day this Sunday, take some time to raise a glass to the release of Lenny Dykstra from a California prison, a whopping 21 months early! Obviously Lenny–sentenced to three years for “acting as if he was above the law” by “looting valuables from his $18 million mansion north of Los Angeles and secretly selling them after his bankruptcy filing in 2009,” on top of “trying to lease cars using phony business cards and credit information,” as well as dropping trou in front of a cleaning lady– will want to make the most of his newfound freedom, AKA The Summer of Lenny, but he’ll probably be also looking to make some cash. As he’s presumably no longer employable in the traditional sense, this is where you come in. Read more »

  • 17 May 2013 at 4:34 PM

Danielle Chiesi Is Back

For many people, prison is a terrible place that breaks their spirit and turns them into a shell of the person they once were. They grow bitter. They harden. Their looks take a hit. Two people for whom time in a correctional facility actually seems to have served them quite well? The currently incarcerated Raj Rajaratnam, who is said to be in quite “good spirits” and looking fantastic, to boot, and the recently released (early for good behavior) Danielle Chiesi, who looks GOOD and feels GREAT. Read more »

  • 01 Feb 2013 at 5:16 PM

The Ballad of Roomy Khan

Life is terribly unfair. You help bring down Raj Rajaratnam and get yelled at by a defense lawyer during another insider-trading trial, but you tell a few white lies, destroy some evidence, warn some of your friends—including the only fugitive in the whole insider-trading crackdown—that the Feds are on to them and perjure yourself a little, and you don’t get to get away with your second insider-trading conviction. Read more »

Option A: shut the hell up. Option B: spend time in prison. Read more »

Timothy S. Durham, the onetime chief executive officer of National Lampoon Inc., was sentenced to 50 years in prison for defrauding investors in an unrelated company he partly controlled. Durham, who was also the CEO of Indianapolis-based buyout firm Obsidian Enterprises Inc., and an accomplice, James Cochran, 57, were convicted in June of taking money raised from Fair Finance investors, spending it on themselves and lending it to other entities they controlled. A third man, Rick Snow, 49, was convicted of helping to deceive investors about the company’s financial condition. The three squandered $208 million of investors’ money, according to U.S. Attorney Joseph Hogsett in Indianapolis […] “I feel badly about all this,” Durham told Magnus- Stinson. He said he was surprised at the amount of money lost by four victims who also spoke in court today. “I wish I had tried harder to make things clearer for them,” he said of Fair Finance’s public disclosures. [Bloomberg]

  • 24 Oct 2012 at 4:57 PM

Rajat Gupta’s Week Is Looking Up

No, he didn’t get the outside the box punishment his lawyers were hoping for, i.e. volunteer work in Rwanda but he did receive a far less harsh sentence than the 10 years in the big house prosecutors had requested, which has got to feel pretty good. Read more »

Which apparently wasn’t enough. Read more »