Former Qwest CEO Joe Nacchio says he’ll appeal new sentence for insider trading
By APWednesday, July 7, 2010
Ex-Qwest CEO Nacchio to appeal new sentence
DENVER — Former Qwest Communications International Inc. CEO Joseph Nacchio plans to appeal his new sentence for insider trading.
Lawyers didn’t outline their arguments in a notice of appeal filed Wednesday in federal court in Denver. But during a re-sentencing hearing in June, Nacchio’s attorney objected to a fine larger than $12 million and made other objections.
Nacchio was sentenced in 2007 to six years in prison and was ordered to forfeit $52 million and pay a $19 million fine, but the 10th U.S. Circuit Court of Appeals ruled the trial judge miscalculated Nacchio’s gains from insider trading.
In June, a different judge shaved two months and $7.4 million from that sentence. Nacchio has served 14 months in prison so far.
