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Former Qwest CEO Receives New Sentencing for Insider Trading Conviction

By Shari Allison

U.S. v. Nacchio, 2009 WL 2343716 (7/31/09) (Published) - Once again the 10th spends more time and energy on the former Qwest CEO than on all of our clients combined. 59 pages this time. He prevails on guideline and forfeiture questions and in the process creates law that could be relevant to our lowly clients. The 10th holds that the gain from insider trading that determines the offense level should be based on what the failure to disclose negative information helped the defendant to earn, not the net profits from selling stocks before the information leaked. A lot of the net profits were the result of market forces that had nothing to do with the offense. So, the d. ct. needed to try to figure out what the stocks would have sold for if buyers knew about the negative information...continue to full post

Full post as published by Tenth Circuit Blog on August 04, 2009 (boomark / email).