Archive for Tuesday, January 17, 2006

Former Westar CEO sent to prison

January 17, 2006

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Wittig

Wittig

— Former Westar Energy Inc. Chief Executive Officer David Wittig was sent to federal prison today after a judge ruled he had violated terms of his release pending an appeal of his bank fraud convictions.

U.S. District Judge Julie Robinson said that numerous financial transactions by Wittig and his wife, Beth, were made without the court's approval, which was required under the terms of his bond agreement.

Wittig was convicted in July 2003 of conspiracy, bank fraud and money laundering for helping former Capital City Bank President Clinton Odell Weidner II hide a $1.5 million loan made between the two men from bank officials and federal regulators. Wittig was sentenced to 51 months in prison.

He was convicted again in September, along with former Westar Chief Strategy Officer Douglas Lake, of wire fraud, conspiracy, money laundering and circumventing internal controls in a scheme to surreptitiously increase his compensation at Westar. Sentencing is scheduled for April 3.

Comments

cutny 9 years, 5 months ago

Awesome. Nice to see one of the white-collar criminals take a fall for a change.

Sigmund 9 years, 5 months ago

I could not be more pleased. With all the convictions and prison in sentences in 2005 (Enron, MCI, Adelphi, Authur Anderson, et al), and a great begining to 2006, if I were in senior management I would have to think twice about breaking any laws.

Centrist 9 years, 5 months ago

Yee~haa! At least we'll get some consolation after the latest round of electicity rate increases. These S.O.B's made life difficult for ordinary people, members of our family included, with their B.S. inflated charges all thru the late 90's & early 2k's. This sends a clear message ... just hope someone hears it.

Linda Aikins 9 years, 5 months ago

Per My Name is Earl, he needs a coffee mug saying "World's Best Bottom."

This makes me happy that he got busted. Apparently he was trying to hide more things? Wonder how we can find out.

mom_of_three 9 years, 5 months ago

Robinson had allowed Wittig to remain free on appeal, provided he didn't do anything that could diminish the value of or hide his assets, which he might have to turn over to the government or use to pay fines or restitution. But prosecutors argued that several transactions involving various bank accounts and the sale of some stock were part of a larger plan to eventually put all of Wittig's assets under Beth Wittig's name, keeping them out of the reach of authorities. The defense claimed the assets in question belonged to Beth Wittig, who once worked on Wall Street as her husband did and had her own money." From today's wichita eagle...

If the assets were his wife's, why didn't they go through the court to move them to her name? I hope he stays there for a while I

badger 9 years, 5 months ago

Wow.

You commit crime, and get a slap on the wrist on the condition that you stop widgetting around with your finances, and you get to keep your house and a lot of your money and not go to prison.

So, of course, you have to violate the extremely generous terms of your court agreement just to pad your financial safety net, because maybe if you do some more crime you'll get even less punishment.

You know, I for one feel a little ill and embarrassed to have been part of the state that let itself get bilked by someone this bone stupid.

cowboy 9 years, 5 months ago

Gitmo would be appropriate , don't ya think for all these "mega theives"

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