Posted: Jun 24, 2010 4:38 PM by Greg Boyce
DENVER (AP) -A judge has cut former Qwest CEO Joseph Nacchio's insider trading sentence by two months and reduced his forfeiture amount by $7.4 million.
U.S. District Judge Marcia Krieger imposed the sentence Thursday after a re-sentencing hearing that stretched over three days. Nacchio originally was sentenced in 2007 to six years in prison and was ordered to forfeit $52 million. An appeals court ruled last year that Nacchio should be re-sentenced because the trial judge miscalculated Nacchio's net profits from selling $52 million of Qwest Communications International Inc. stock based on insider information.
Nacchio has already served 14 months in prison. He also was fined $19 million, and Krieger says she doesn't plan to change that.