Nacchio could have prison sentence reduced

Former befallen Qwest Communications leader's Joe Nacchio's luck may be taking a turn for the better, as his 6-year prison term may be reduced due to a federal appellate court ruling that he was sentenced incorrectly. In addition the Tenth Circuit Court of Appeals in Denver ruled that Nacchio should not have had to forfeit $52 million that he apparently gained from illegal stock sales. However, a Wall Street Journal article reported that the court did not rule on what his potential reduced sentence or forfeiture should be. The Tenth Circuit Court merely said these issues would be determined by a lower federal court.

Nacchio was sentenced to serve six years in a federal prison after he was convicted of insider stock sales, despite knowing the severity of Qwest's financial state. After numerous appeals Nacchio in April surrendered to marshals at the Schuylkill minimum security camp in Minersville, Pa., to begin serving his sentence. Right now, all parties involved are remaining mum. Neither Nacchio's lawyer nor the Department of Justice would comment other than to say they were reviewing the decision.

For more:
- Wall Street Journal has this article

Related articles
Avoiding another Nacchio
Supreme Court lingering over Nacchio case

Suggested Articles

BT Ireland and Huawei are laying claim to the first 1.2 Tb/s transmission real-time trial based on a commercial product platform in a live network.

Google Fiber announced this week it was pulling the plug on its 100 Mbps service to new customers in order to just offer its gigabit service.

MEF outlined an ambitious roadmap at last month's MEF19 conference that included deeper partnerships with cloud providers using the LSO Sonata APIs.