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.
- Wall Street Journal has this article
Avoiding another Nacchio
Supreme Court lingering over Nacchio case