DENVER—A federal appeals court in Denver has approved a request by former Qwest CEO Joseph Nacchio to withdraw his appeal of his sentence for insider trading convictions.
Nacchio filed the request Friday with the 10th U.S. Circuit of Appeals in Denver . The Denver Post reports it was approved Monday.
Nacchio was convicted in 2007 on 19 counts of insider trading. He was sentenced to six years in prison, ordered to pay a $19 million fine and forfeit $52 million. A judge last year shaved two months from the prison term and $7.4 million from the forfeiture amount after the appeals court said Nacchio’s gains from stock sales were miscalculated.
Nacchio resigned from Denver-based Qwest Communications International Inc. in 2002. In 2009, he started serving his prison sentence in Pennsylvania.
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Information from: The Denver Post,
