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Much ado about two months in the resentencing of former Qwest chief Joe Nacchio

By Douglas A. Berman

As noted in this first report from the Denver Post, the "federal judge handling former Qwest CEO Joe Nacchio's resentencing has imposed a sentence of 70 months and ordered him to pay $19 million in fines and $44.6 million in forfeitures."  Here what that means: The sentence determined by U.S. District Judge Marcia Krieger cuts two months off of Nacchio's current sentence and reduces his forfeitures by just more than $7 million.... Nacchio has served 14 months of a six-year sentence for illegal insider trading.  A federal appeals panel last summer granted Nacchio a new sentence, ruling that trial judge Edward Nottingham miscalculated how much Nacchio gained from illegally selling Qwest stock based on nonpublic information that the company was faltering financially...continue to full post

Full post as published by Sentencing Law and Policy on June 24, 2010 (boomark / email).