Getting your player ready...
Finance professor Anjan Thakor testified as an expert witness for the government Tuesday in the resentencing of former Qwest chief executive Joe Nacchio, who is serving a six-year prison term for illegal insider trading.
Thakor said Nacchio illegally gained as much as $32.9 million from the insider stock sales for which he was convicted in 2007, according to court documents. The gain amount — the portion of the proceeds that can be attributed to the nonpublic information Nacchio based his stock sales on — is a key sentencing factor.
The resentencing is scheduled to run until Thursday. A federal appeals panel granted Nacchio a new sentencing last summer, a ruling that could shorten his prison term.
