DOJ Won’t Appeal Ruling Likely to Cut Sentence for Nacchio
Posted Aug 18, 2009 06:39 pm CDT
The Department of Justice won’t appeal a ruling last month expected to result in a lower insider trading sentence for the former CEO of Qwest Communications.
Justice Department spokeswoman Laura Sweeney said on Monday that the ruling would not be appealed, but she did not indicate the reason why, Reuters reports.
The July 31 ruling by the Denver-based 10th U.S. Circuit Court of Appeals said the sentence for former CEO Joseph Nacchio should be calculated based not on his gross profit but on what he actually gained due to insider knowledge.