Court Finds 6-Year Prison Term Not Right For Nacchio

Law360, New York (July 31, 2009, 4:52 PM EDT) -- A federal appeals court panel ruled Friday that a lower court erred when it sentenced former Qwest Communications International Inc. CEO Joseph Nacchio to six years in prison and ordered him to forfeit $52 million.

Nacchio is entitled to a re-sentencing, at which time the district court should arrive at a prison term and forfeiture figure that more closely approximate his gain resulting from insider trading, and not just his gain from selling the stock, according to the U.S. Court of Appeals for the Tenth Circuit....
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