A federal judge has cut former Qwest CEO Joseph Nacchio's insider trading sentence by two months and reduced his forfeiture amount by $7.4 million. Nacchio was convicted of selling $52 million in Qwest stock based on nonpublic information the company might miss its sales forecasts. He was originally sentenced to six years and ordered to forfeit $52 million, but the 10th Circuit ruled last year that the sentence should be recalculated to focus on how much of Nacchio's profits actually came from having insider information.
June 25, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A federal judge on Thursday cut former Qwest CEO Joseph Nacchio’s insider trading sentence by two months and reduced the amount of money he must forfeit by $7.4 million.
Nacchio was convicted of selling $52 million in Qwest Communications International Inc. stock in 2001 based on nonpublic information that Qwest was in danger of missing its sales forecasts that year.
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