Founder of Veco Energy Gets 3 Years on Bribery Conviction

ANCHORAGE, Alaska, Oct. 29 (UPI) — Bill Allen, a co-founder of Veco Energy, apologized “to the people here in Alaska” as he was sentenced to three years in prison for bribery.

U.S. District Judge John Sedwick also ordered Allen, 72, to pay a $750,000 fine at Wednesday’s hearing, the Anchorage Daily News reported. The sentence was below the 41-month maximum in federal guidelines, but Sedwick said the highest fine he has ever imposed was justified because Allen committed crimes partly for money.

Rick Smith, former vice president of Veco, was sentenced to 21 months in prison and a $10,000 fine. Allen and Smith pleaded guilty in May to conspiracy, bribery and tax evasion.

Allen made a 12-minute courtroom speech during which he recalled the moment in 2006 when he knew the FBI had him on tape.

“They gave me a tape that really embarrassed me,” Allen said. “I can’t talk anyway, and when they were taping it, hell, I can tell I was half-drunk and I didn’t like what I looked like to myself. So I made two decisions: I was going to do the right thing, ’cause I did do wrong. I was trying to make it right. And I quit drinking.”

Allen talked to Smith and the two agreed to become informants, wearing wires while meeting with state legislators and then testifying at trials.

Copyright 2009 by United Press International

Categorized | Energy, Energy & Fuels, People
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