Former Qwest CEO Nacchio to get new sentence for insider trading conviction
By APThursday, June 24, 2010
Former Qwest CEO to get new sentence
DENVER — Prosecutors are asking a judge to add six months to former Qwest Communications International Inc. CEO Joseph Nacchio’s sentence for insider trading.
Nacchio was sentenced in 2007 to six years in prison and was ordered to forfeit $52 million and pay $19 million in fines for selling $52 million in Qwest stock in 2001 based on insider information.
An appeals court ruled the trial judge miscalculated Nacchio’s profits from the sales.
A federal judge on Thursday announced a new calculation that wasn’t that far from what the trial judge found.
Under advisory federal guidelines, the judge could sentence Nacchio to up to six years and six months in prison, but she also can consider other factors before announcing the sentence later in the day.
