Tenth Circuit ruled ex-Qwest CEO Nacchio improperly sentenced


On July 31, 2009, the US Court of Appeals for the Tenth Circuit ruled that Joseph Nacchio, former CEO of Qwest Communications, was incorrectly sentenced, due to flawed methodology, to a six year prison sentence. Nacchio was convicted of insider trading for approximately $28 million in net profits, and his sentence was crafted without normal appreciation of the stock value. Nacchio reported to a minimum security prison in April 2009, marking an end to two years of appellate proceedings. A federal judge denied a request by Nacchio for a new trial in January 2010.

Learn more about Joseph Nacchio and insider trading from the JURIST news archive.


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