Business in brief: Nacchio’s sentence, forfeiture reduced
DENVER – A federal judge on Thursday cut former Qwest CEO Joseph Nacchio’s insider trading sentence by two months and reduced the amount of money he must forfeit by $7.4 million.
Nacchio was convicted of selling $52 million in Qwest Communications International Inc. stock in 2001 based on nonpublic information that Qwest was in danger of missing its sales forecasts that year.
Nacchio originally was sentenced in 2007 to six years in prison and was ordered to forfeit $52 million, but the 10th U.S. Circuit Court of Appeals ruled last year that the sentence should be recalculated to focus on how much of Nacchio’s profits actually came from having insider information.
The new sentence imposed by U.S. District Judge Marcia Krieger is five years and 10 months with a forfeiture of $44.6 million. Krieger left intact the original fine of $19 million.
for latest iPhone
LOS ANGELES – Apple loyalists by the thousands waited in lines around the world for the company’s new iPhone on Thursday, in what has become a boisterous tradition for the company’s product launches.
Observers across the nation reported sold-out stores, with lines twice or three times the length they were for previous iPhone launches.
Last week, Apple sold 600,000 phones over the Internet before halting orders because of concerns that demand for the new phone could outstrip supply.
Some analysts are projecting that the company will have sold up to 1 million of the phones by the end of its first day in stores. That compares to 270,000 sold on the first day for the original iPhone in 2007.
Los Angeles Times
From wire reports
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