Accused execs going for plea deals
Agreements are getting harder to turn down as sentencing for corporate misbehavior toughens By E. Scott Reckard
Los Angeles Times Staff Writer Originally published December 9, 2002, 11:07 AM EST
LOS ANGELES -- If federal prosecutors have their way, drug lords, Mafia dons and mass murderers could be welcoming some new members to the 30-years-to-life club: top executives accused of cooking the books at companies such as Homestore Inc.
The plea agreements that two executives of Westlake Village-based Homestore struck recently with federal authorities spell out the stark alternative they would have faced at trial: a slew of fraud and conspiracy charges that, according to a tally by prosecutors, could have resulted in a mandatory life prison sentence.
Instead, Joseph J. Shew pleaded guilty to one count of conspiracy, and John M. Giesecke Jr. pleaded guilty to one count of conspiracy and one count of fraud, capping their potential sentences at five and 10 years, respectively. They are cooperating with investigations of Homestore higher-ups and business partners who, they contend, conceived and approved illegal accounting schemes in 2000 and 2001....ect...
Full: http://www.sunspot.net/business/bal-execs1209,0,6039409.story?coll=bal%2Dbusiness%2Dheadlines --- Sent from UnionMail Service [http://mail.union.org.za]