Joe Nacchio's Newer, Lighter Sentence
Convicted former Qwest executive Joe Nacchio---who has transitioned from slick and clean businessman to mustachioed, jumpsuit-wearing prisoner---will emerge from behind bars earlier than previously expected. A federal judge in Denver has re-sentenced Nacchio to 70 months in prison for his insider trading---two months fewer than his prior sentence, notes CBS4. The appeals court hearing the case ruled that Nacchio's six-year sentence (which was accompanied by $19 million in fines and the forfeiting of $52 million) was too harsh because a judge had wrongly estimated Nacchio's net gains from illegal stock sales he was accused of making based on insider information. U.S. District Court Judge Marcia Krieger has also revised how much Nacchio will forfeit---$44.6 million---keeping the fine of $19 million intact. Since Nacchio has already forfeited cash, he could be due for millions in a refund, reports the Denver Business Journal. Nacchio defense attorney Sean Berkowitz objected to Krieger fining Nacchio more than $12 million. Nacchio, an inmate at a federal prison in Pennsylvania, did not attend the sentencing hearings.
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