Ex-Qwest CEO’s expert to present analysis
by Associated Press
Published: June 23,2010
Tags: courts, insider trading, investing, publicly-traded companies, stocks and bonds
DENVER — A judge considering a new sentence for former Qwest CEO Joseph Nacchio for insider trading convictions has already heard one expert’s opinion of how much Nacchio gained from allegedly selling stock using information the public didn’t have.
Today, Nacchio’s own expert is presenting his analysis.
Prosecutors say Nacchio sold $52 million worth of stock in 2001 based on insider information. He was sentenced in 2007 to serve six years in prison, pay $19 million in fines and forfeit $52 million, but a federal appeals court ruled the sentence was too harsh because a judge miscalculated Nacchio’s net gains from the stock sales.
U.S. District Court Judge Marcia Krieger has indicated she could announce a new sentence tomorrow.
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