DENVER—Former Qwest CEO Joseph Nacchio soon could learn his new sentence for insider trading convictions.
U.S. District Court Judge Marcia Krieger has said she could announce a new sentence Thursday.
Prosecutors say Nacchio sold $52 million worth of stock in 2001 based on nonpublic information that Denver-based Qwest Communications International Inc. would miss its public sales targets.
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 the trial judge miscalculated Nacchio’s net gains from the stock sales.
This week Krieger heard experts’ opinions of how to calculate Nacchio’s gains using insider information.
