The federal judge handling former Qwest CEO Joe Nacchio’s resentencing has imposed a sentence of 70 months and ordered him to pay $19 million in fines and $44.6 million in forfeitures.
The sentence determined by U.S. District Judge Marcia Krieger cuts two months off of Nacchio’s current sentence and reduces his forfeitures by just more than $7 million.
Nacchio’s defense was given the opportunity to seek a continuance, which would have delayed the resentencing, but opted to accept the sentence.
Nacchio has served 14 months of a six-year sentence for illegal insider trading.
A federal appeals panel last summer granted Nacchio a new sentence, ruling that trial judge Edward Nottingham miscalculated how much Nacchio gained from illegally selling Qwest stock based on nonpublic information that the company was faltering financially.
