Ex-Qwest CEO Nacchio to appear for Denver hearing

 

The Associated Press

April 13, 2010

 

 DENVER—A judge wants to see former Qwest CEO Joe Nacchio in person before agreeing to let him waive his right to attend re-sentencing hearings on insider trading charges.

Nacchio is in Pennsylvania serving a sentence of six years in prison after jurors convicted him of selling Qwest Communications International Inc. stock based on insider information. He also was ordered to pay $71 million in fines and forfeitures, but his sentence is being reconsidered after a federal appeals court ruled last year that it was too harsh because the trial judge miscalculated Nacchio's gains.

U.S. District Judge Marcia Krieger said in a written order Tuesday she wants to bring Nacchio to Denver to advise him of his right to attend re-sentencing hearings, one of which is set to begin April 21.

Krieger said she would push back the April 21 hearing if Nacchio cannot be brought to Denver before then.

Nacchio's attorneys have said Nacchio would waive his right to attend the re-sentencing hearings. However, prosecutors argued he is required to at least attend a hearing in June when Krieger could announce the new sentence, even if he skipped the one in April, when Krieger planned to hear calculations of how much Nacchio gained from the insider trading.

Krieger noted that Nacchio has changed lawyers since his original sentence was handed down, and that she, not his trial judge, would consider his new sentence.

"These circumstances all favor requiring Mr. Nacchio to be physically present in order to assure that his waiver is voluntary and informed," Krieger wrote.