LAWFUEL – The Law Newswire – The former chief executive of Qwest Communications International Joseph Nacchio, was sentenced on Friday to six years in prison and ordered to forfeit $52 million in stock gains from insider trading, Reuters reports.
Nacchio was fined an additional $19 million in the case presided over by U.S. District Judge Edward Nottingham, who early in the Friday session said he would not grant probation.
The April conviction of Nacchio, 58, on 19 counts of insider trading was one of the biggest victories for U.S. prosecutors in a range of cases charging illegal financial dealings by corporate executives.
Nacchio was found guilty for grossing some $52 million in sales of Qwest stock in 2001 with information unknown to investors about the company’s true financial picture. He was acquitted on 23 other charges. His lawyers said they would appeal the conviction.