Former Qwest CEO Wins Appeal

Former Qwest CEO Joseph Nacchio faced the wrong side of the law when he was convicted of insider trading and sentenced to six years in prison. However, Nacchio may soon find his sentence reduced due to his recent victory in a federal appeals court, in which the convicted executive successfully argued that there was a miscalculation.
 
In the ruling, the Denver-based appeals court found that the trial judge miscalculated Nacchio’s earnings from the illegal sales of his stock, which may have extended Nacchio’s sentence by several years. While the trial judge found Nacchio’s earnings to top $44.6 million, Nacchio argued that …read more