Today's lesson...

[Ronin13]

Lesson for the day- Don't jump to conclusions or judgement without knowing the facts (or even bothering to read the un-highlighted part).
Case in point, an acquaintance of mine posted this just moments ago on FB:

The key words being "...for his role..." last time I checked a role in a crime could be anything. He could have known about it and refused to blow the whistle, or could have aided, or anything really. Now if he "masterminded" the whole thing I think it would have said that, or not, media is pretty vague in reporting the entire story these days.

[TFOGGER]

Last time I checked, the CEO of a company held a position of considerable responsibility. Even if he was the whistle blower, his position puts him squarely in the cross hairs. A 40 month sentence for a $3B crime? That works out to 1 minute of incarceration for each $17,857 of fraud. Assuming he actually serves all 40 months, which is highly unlikely.

[Bailey Guns]

Well, it was pretty easy to find out what his role in the fraud was. and it appears that his role was fairly substantial. He should be doing a lot more than 40 months:

“Mr. Allen was not treated as a CEO. He did not function as a CEO,” said defense lawyer Stephen Graeff. “Sentence Mr. Allen the man, not Mr. Allen the title.”

But Brinkema said Allen’s title was significant, adding Allen’s reputation in the industry lent credibility to Taylor Bean that it otherwise would not have had. Even worse, Brinkema said, Allen had subordinates who were reporting the problems to Allen, but Allen left them to fend for themselves. One of those Taylor Bean employees, Sean Ragland, also was sentenced Friday to three months in prison and nine months of home detention for his role in the scheme.

“I can’t understand why in the world you didn’t stop it,” Brinkema told Allen.

Allen, for his part, apologized to his family and to “the entire financial community.”

By the time Allen became CEO in 2003, the fraud was already under way, and Taylor Bean owed more than $100 million to Colonial. Allen’s part in the schemes, came later, especially in the commercial paper loans from Deutsche bank and BNP Paribas that eventually grew to become the largest part of the fraud.

Ragland and Allen are the fifth and sixth persons to be sent to prison as part of the Taylor Bean-Colonial fraud, and investigators say the investigation is continuing. Sentences have ranged from three months to eight years.

All six received credit on their sentences for cooperating with investigators and testifying at Farkas’ trial.

“Mr. Allen’s sentence reflects his ultimate cooperation with this investigation, but also sends the message that unless executives expose and stop fraud when they first learn of it, they will be punished,” said Neil MacBride, U.S. Attorney for the Eastern District of Virginia.

Sounds like the dirtbag got off pretty easy. As for the homeless guy - 15 years? Really? I think the sentences should be switched.

I'm really not sure what the "Lesson of the Day" in this is.

[mcantar18c]

As for the homeless guy - 15 years? Really? I think the sentences should be switched.

I was thinking about that and to me it sounds like the homeless guy got exactly what he wanted. He had to steal that money to pay to stay at the rehab center because he had nowhere else to go... now he gets 3 hots and a cot for free.

[Hoosier]

Well, it was pretty easy to find out what his role in the fraud was. and it appears that his role was fairly substantial. He should be doing a lot more than 40 months:

“Mr. Allen was not treated as a CEO. He did not function as a CEO,” said defense lawyer Stephen Graeff. “Sentence Mr. Allen the man, not Mr. Allen the title.”

But Brinkema said Allen’s title was significant, adding Allen’s reputation in the industry lent credibility to Taylor Bean that it otherwise would not have had. Even worse, Brinkema said, Allen had subordinates who were reporting the problems to Allen, but Allen left them to fend for themselves. One of those Taylor Bean employees, Sean Ragland, also was sentenced Friday to three months in prison and nine months of home detention for his role in the scheme.

“I can’t understand why in the world you didn’t stop it,” Brinkema told Allen.

Allen, for his part, apologized to his family and to “the entire financial community.”

By the time Allen became CEO in 2003, the fraud was already under way, and Taylor Bean owed more than $100 million to Colonial. Allen’s part in the schemes, came later, especially in the commercial paper loans from Deutsche bank and BNP Paribas that eventually grew to become the largest part of the fraud.

Ragland and Allen are the fifth and sixth persons to be sent to prison as part of the Taylor Bean-Colonial fraud, and investigators say the investigation is continuing. Sentences have ranged from three months to eight years.

All six received credit on their sentences for cooperating with investigators and testifying at Farkas’ trial.

“Mr. Allen’s sentence reflects his ultimate cooperation with this investigation, but also sends the message that unless executives expose and stop fraud when they first learn of it, they will be punished,” said Neil MacBride, U.S. Attorney for the Eastern District of Virginia.

Sounds like the dirtbag got off pretty easy. As for the homeless guy - 15 years? Really? I think the sentences should be switched.

I'm really not sure what the "Lesson of the Day" in this is.

+1 you beat me to it

[Byte Stryke]

lesson of the day
If you are going to screw up... go big!

[Stinky]

The sentence in federal court is a firm sentence...there ain't no good time. The time he was sentenced to is the time that he'll serve, whereas the guy who got 15 years...he could be out on his first parole hearing.

[Bailey Guns]

I considered that. Could be. But he also said his "mama didn't raise him like that". There could be some real remorse there.

The CEO on the other hand...him and the horse he rode in on.

[Aloha_Shooter]

The 15 year sentence sounds excessive to me, would like to know what went into that -- I'm guessing the sentence was influenced by Brown's acting as if he was armed while robbing the bank. If I were a public defender, I'd have asked for reduction in sentence and consideration for the fact he was remorseful and surrendered voluntarily but mcantar18c's theory about giving him 3 hots and a cot my have some credence to it.

In Allen's case, the article says the fraud was already underway when he became CEO although it does say his part in it grew to be the largest part of the fraud. I suspect he got a reduced sentence due to cooperation with the investigation -- that's fairly normal even though it can sometimes cause outrage.

[cstone]

Uh, the lesson for the day is...Stay in school kids. Better educated criminals do better than poorly educated criminals. So it is the same on both sides of the fence. Get your education!

I wish it was a joke.