P. M. BRIEFING : Drexel Aide’s Sentence Vacated

A federal appeals court today upheld the perjury conviction of former Drexel Burnham Lambert Inc. trading assistant Lisa Jones but vacated her 18-month sentence as too harsh.

Three judges of the U.S. 2nd Circuit Court of Appeals sent the case back to the trial judge for resentencing.

A federal jury in March, 1989, found Jones guilty on five counts of perjury and two counts of obstruction of justice for lying to a federal grand jury in January, 1988, in an investigation of Drexel trading. She was sentenced last August to 18 months in prison and fined about $50,000 by U.S. District Judge Leonard B. Sand.

The appeals court ruled that Sand incorrectly enhanced her offense level under federal sentencing guidelines, which resulted in a stiffer sentence.

“These instances of perjury, standing alone, do not constitute the type of egregious conduct envisioned by the guidelines as substantial interference with the administration of justice,” the judges said in a 24-page opinion.

Under the offense level suggested by the appeals court, Jones faces 10 months to 16 months in prison.