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Hearing on Nacchio resentencing Thursday

Denver Business Journal

February 18, 2010

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Lawyers for Joseph Nacchio and federal prosecutors are at a hearing Thursday in federal court in Denver to go over procedures for the resentencing of the convicted former Qwest CEO.

Nacchio’s 2007 criminal conviction on insider-trading charges sent him to prison for six years. He has been in federal prison in Pennsylvania since spring 2009 and has been ordered to pay $19 million in fines and $52 million in restitution.

But the U.S. 10th Circuit Court of Appeals found that the trial judge, Edward Nottingham, incorrectly calculated Nacchio’s sentence, and ordered a resentencing.

Nottingham has since left the court, and U.S. District Judge Marcia Krieger is presiding over the resentencing. So far she has not set a date for the resentencing.

Separately, Nacchio has repeatedly sought a new trial on the original charges on various grounds, a request that the federal courts have repeatedly rejected -- most recently when Krieger ruled against him last month.

Krieger also is overseeing the civil lawsuit filed against Nacchio and four other former Qwest Communications International Inc. executives that seeks to recover about $300 million in pay and stock earnings they received.

 

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