Joseph Nacchio, the disgraced former CEO of Qwest Communications (NYSE: Q), won't be going home anytime soon as a Denver, Colo. judge refused to cut his insider trading prison sentence.
U.S. District Judge Marcia Krieger in Denver ruled that Nacchio, who had been handed a six-year prison term, has to serve 70 months, according to Bloomberg. In addition, Krieger ordered that Nacchio pay a $19 million fine and forfeit of $44.6 million, a settlement the government and Nacchio previously set.
Sean Berkowitz, Nacchio's lawyer, asked for a sentence of three-and-a-half to four-and-a-half years and objected to the $19 million fine.
After being found guilty of illegally selling $52 million of stock in Denver-based Qwest in 2001, a federal appeals court last summer ruled that he was sentenced incorrectly and that Nacchio should not have had to forfeit $52 million. Thus far, Nacchio has served 15 months of his six year sentence.
For more:
- Bloomberg has this article
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Nacchio's new prison date: April 14