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According to the prosecution, that justifies a sentence of up to 15 years for Mr Olis.
ECONOMIST: The efficient markets hypothesis can land you in jail
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Mr Olis's boss, Gene Foster, and a colleague agreed to plead guilty in exchange for at most five-year sentences.
ECONOMIST: A 24-year jail sentence is thrown out
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If Judge Lake has been spending the summer getting up to date on economics, perhaps Mr Olis will be out of prison much sooner than he must once have feared.
ECONOMIST: The efficient markets hypothesis can land you in jail
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On October 31st, an appeals court, though upholding the conviction, threw out the sentence, concluding that Sim Lake, a Houston judge, had greatly overstated the losses caused by Mr Olis.
ECONOMIST: A 24-year jail sentence is thrown out
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Mr Foster then testified against Mr Olis in court.
ECONOMIST: A 24-year jail sentence is thrown out
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Mr Olis's fate has also been seen as an object lesson of the dangers in the current climate of pleading not guilty and going to court, rather than striking a plea bargain with prosecutors.
ECONOMIST: A 24-year jail sentence is thrown out