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Tue June 22, 2010
New Sentence On Tap For Former Qwest CEO
By KRWG News
New Mexico – A federal judge in Denver is holding hearings to help determine a new sentence for former Qwest CEO Joseph Nacchio on insider trading convictions.
Nacchio was sentenced in 2007 to serve six years in prison, pay $19 million in fines and forfeit $52 million, but a federal appeals court ruled the sentence was too harsh because a judge miscalculated Nacchio's net gains from stock sales allegedly based on insider information.
U.S. District Court Judge Marcia Krieger is scheduled to hear arguments Tuesday and Wednesday relating to the proper sentencing range for Nacchio. She has indicated she could announce a new sentence Thursday.
Nacchio resigned from Denver-based Qwest Communications International Inc. in 2002.
Copyright 2010 The Associated Press.