Ex-Qwest Chief Nacchio Appeals Prison Sentence Ruling
San Francisco Chronicle
By Michael Hytha and Joe Schneider
July 7, 2010
July 7 (Bloomberg) -- Joseph Nacchio, the former chief of Qwest Communications International Inc. convicted of insider trading, appealed the 70-month prison sentence that reduced his original term by two months.
U.S. District Judge
Marcia Krieger in
Nacchio, 61, of
In hearings last month, Nacchio's lawyer, Sean Berkowitz, suggested that a sentence of 3 1/2 to 4 1/2 years would be adequate. He objected to the $19 million fine, saying "something in the several million dollar category" would be enough. Berkowitz declined to comment today on Nacchio's appeal.
Krieger, who didn't preside over the original trial, heard from experts for the government and Nacchio who performed "event studies" intended to determine the amount Nacchio made from inside information by measuring how investors reacted to certain disclosures on particular days.
Jeffrey Dorschner, a
spokesman for the U.S. Attorney's office in
The case is
--Editors: Michael Hytha, Joe Schneider.