Imprisoned former Qwest CEO Nacchio continues challenging sentence for insider trading
By APTuesday, July 20, 2010
Nacchio seeks oral arguments before appeals court
DENVER — Former Qwest CEO Joseph Nacchio is requesting an oral hearing before a federal appeals court, as he continues challenging his sentence on insider trading convictions.
Nacchio was sentenced in 2007 to spend six years in prison, pay a $19 million fine and forfeit $52 million. However, the 10th U.S. Circuit Court of Appeals ruled the sentence was improperly calculated, and a judge re-sentencing him last month shaved two months from the prison term and $7.4 million from the forfeiture amount.
In a document filed Tuesday in Denver, lawyers said Nacchio intends to challenge how his sentence was calculated and the fine amount.
An expert for Nacchio has suggested Nacchio gained far less from insider trading than what the prosecutors’ expert estimated.
