A three-judge panel of the 10th Circuit concluded on Friday that a district court erred in sentencing former Qwest CEO Joseph Nacchio to six years on the basis of alleged insider trading gains of $28 million. In a ruling that continues Nacchio's long roller-coaster ride through the criminal justice system, the federal appeals court reversed the lower court's sentence Friday and remanded Nacchio to federal district court for resentencing. He could face a new sentence of as little as 3 1/2 years.
10th Circuit Orders Shorter Sentence for Former Quest CEO Nacchio
The American Lawyer
August 3, 2009