Ex-Qwest CEO Nacchio Got an Improper Sentence Court

A federal appeals court in Denver on Friday said former Qwest Communications International Inc. (Q) CEO Joe Nacchio received an improper sentence after his 2007 insider trading conviction.

It looks like Nacchio will get out of (luxury) prison early and probably won’t have to pay back as much of the $52 million he made in fraudulent stock sales as originally ordered.

Nacchio will get a new sentencing hearing, although a date has not yet been set. The former CEO also has appealed his conviction to the U.S. Supreme Court, which experts predict will decide whether to examine his case later this year. Since April, Nacchio’s been in a Pennsylvania prison that caters to rich white-collar criminals.

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