AUSWR
The Association of U S West Retirees
 

 

 

Hearing set in April in Nacchio re-sentencing

The Associated Press

February 18, 2010

 

DENVER—A federal judge has set a two-day hearing starting April 21 to determine what former Qwest CEO Joe Nacchio gained on stocks he allegedly sold based on insider information.

It's a key element of deciding Nacchio's new sentence.

Nacchio has started serving a sentence of six years in prison and $71 million in fines and forfeitures, but a federal appeals court last year ruled the sentence was too harsh because the trial judge miscalculated Nacchio's gains.

Lawyers for Nacchio and the government have filed arguments with experts' conclusion of what Nacchio gained. U.S. District Judge Marcia Krieger said Thursday she has questions for the experts.

Another hearing is set for June 24 for more arguments.