A reduced sentence for former Qwest CEO Joe Nacchio appears to be nearing reality. The Department of Justice announced this week that it won't argue against a Denver-based 10th Circuit Court of Appeals decision to reduce Nacchio's six-year prison term for insider trading. A three-judge panel in July ruled that Nacchio's sentence was long because the Denver trial judge, Edward Nottingham, overstated the amount of money Nacchio made from illegal stock sales.
Other than an Associated Press report that says the sentencing portion of Nacchio's case will return to federal court in Denver, details are scarce at this point. After various failed appeals, Nacchio surrendered to U.S. marshalls and began service his six-year sentence at Schuylkill minimum security camp in Minersville, Pa. In 2007, a federal court ruled Nacchio was guilty of 19 counts of insider trading linked to his sale of $52 million in Qwest stock.
- Associated Press has this article
Nacchio could have prison sentence reduced
Avoiding another Nacchio