Joseph Nacchio, the former CEO of Qwest Communications International, lost a bid to reduce his insider trading sentence by almost half yesterday.
Bloomberg reports that U.S. District Judge Marcia Krieger ruled that Nacchio, who had been sentenced to six years in prison, must serve 70 months. She upheld a $19 million fine and approved forfeiture of $44.6 million, a figure the Nacchio and the government had agreed on. He was originally ordered to forfeit $52 million.
Bloomberg: Ex-Qwest Chief Nacchio Loses Bid for Reduced Sentence – Bloomberg.
