Final Accused ERCOT Schemer Sentenced

By: Associated Press
By: Associated Press

GEORGETOWN, Texas -- The sixth and final defendant in an ERCOT contract fraud and bribery scheme has been sentenced Tuesday to 12 years in prison.

A judge in Georgetown sentenced 46-year-old Stephen C. Wallace for his role in the scam targeting the Electric Reliability Council of Texas.

ERCOT is the state's main electric grid.

Wallace earlier pleaded guilty to misapplication of fiduciary property related to the scheme uncovered in 2004. Wallace, who was an ERCOT program director, also must pay $800,000 in restitution.

Monday, a judge in Austin sentenced Wallace to ten years behind bars for felony theft.

The Texas attorney general's office says the sentences will be served concurrently.

Three co-defendants have been sentenced to prison. Another served 90 days in jail and was put on probation. The sixth man is serving probation.

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