Former Qwest CEO Nacchio may learn new sentence Thursday; could get less time, smaller fine
By APThursday, June 24, 2010
Former Qwest CEO expects to hear new sentence soon
DENVER — Former Qwest CEO Joseph Nacchio should learn soon whether he’ll spend less time in prison for insider trading.
U.S. District Judge Marcia Krieger says plans to wrap up a re-sentencing hearing Thursday and make an announcement sometime after noon.
Nacchio was sentenced in 2007 to six years in prison and ordered to pay $19 million in fines. An appeals court ruled that was too harsh because a judge miscalculated Nacchio’s profits from the stock sales he was convicted of making using insider information.
Based strictly on sentencing guidelines, Krieger said Thursday that Nacchio should serve between about five and 6½ years and pay a fine of anywhere between $12,500 and $19 million. However, she says can consider other factors, including the need for restitution.
