Ex-Dynegy exec has sentence overturned

HOUSTON, Nov. 2 (UPI) -- An appellate court has overturned the 24-year sentence imposed on Jamie Olis, a former mid-level Dynegy executive in Houston.

The 5th U.S. Circuit Court of Appeals tossed out the sentence, saying the judge in his case improperly applied federal sentencing guidelines. But, the conviction was upheld.

There was no guarantee Olis will see his time in prison shortened, the Houston Chronicle said. U.S. District Judge Sim Lake still has broad discretion in determining the new sentence.

But the appellate court's decision for a redo of the sentence challenges procedures that are widely followed in the courts when it comes to calculating damages used to determine criminal sentences.

Olis was found guilty of six counts for his role in a gas trading and finance scheme called Project Alpha. When Lake handed down the 24-year sentence, it was thought to be one of the longest prison sentences for a white-collar crime.