Friday, July 31, 2009
The Associated Press, The New York Times,
The Associated Press, The New York Times,
Court Orders Reduced Term for Ex-Qwest Chief
DENVER (AP) — An appeals court ordered a new, shorter sentence on Friday for Joseph Nacchio, the former chief executive of Qwest, saying his six-year term for insider trading was too long.
The 10th United States Circuit Court of Appeals ruled that the trial judge overstated the amount of Mr. Nacchio’s alleged financial gain.
Mr. Nacchio was convicted in 2007 of 19 counts of insider trading and acquitted on 23 counts. Prosecutors alleged he sold $52 million in Qwest Communications International stock based on nonpublic information that the Denver-based telecommunications company was at risk.
On Friday, a three-judge appellate panel agreed with Mr. Nacchio’s lawyers that the $52 million figure was too high. Instead, the figure used should have been Mr. Nacchio’s net profit resulting from illegal insider trading.
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Posted by Tracey on 07/31/09 at 01:52 PM •
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