An appeals court has ordered a new, shorter sentence for ex-Qwest CEO Joe Nacchio, saying his six-year term for insider trading was too long.
The 10th U.S. Circuit Court of Appeals ruled that the trial judge overstated the amount of Nacchio’s alleged financial gain.
Nacchio was convicted in 2007 of 19 counts of insider trading and acquitted on 23 counts. Prosecutors alleged that he sold $52 million in Qwest Communications International stock based on nonpublic information that the Denver-based telecommunications company was at risk.