Hearings on illegal stock profits slated in Nacchio resentencing
February 19, 2010
(el) nacchio_denver, april 12, 2007- Former Qwest CEO Joe Nacchio leaving courthouse on Thursday. ( | Hyoung Chang)
A federal judge has set a two-day hearing starting April 21 in Denver to determine what former Qwest chief executive Joe Nacchio gained on company stock he illegally sold based on insider information.
It's a key element of deciding Nacchio's new sentence. Nacchio is serving six years in prison and was ordered to pay $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.
Nacchio and the government have filed arguments with experts'
conclusions of what Nacchio gained. U.S. District Judge Marcia
Krieger said Thursday that she has questions for the experts.
Another hearing is slated June 24 for further arguments. A new
sentence could be announced after that hearing.
The Associated Press;