On July 31, 2009, the US Court of Appeals for the Tenth Circuit ruled that Joseph Nacchio, former CEO of Qwest Communications, was incorrectly sentenced, due to flawed methodology, to a six year prison sentence. Nacchio was convicted of insider trading for approximately $28 million in net profits, and his sentence was crafted without normal appreciation of the stock value. Nacchio reported to a minimum security prison in April 2009, marking an end to two years of appellate proceedings. A federal judge denied a request by Nacchio for a new trial in January 2010.
Learn more about Joseph Nacchio and insider trading from the JURIST news archive.