AUSWR
The Association of U S West Retirees
 

 

 

Former Qwest CEO Nacchio to oppose motion to forfeit $52 million
By Jeff Smith
Rocky Mountain News
Wednesday, May 9, 2007


Joe Nacchio will oppose the government's motion for him to forfeit $52 million of proceeds from stock sales, his attorneys wrote in a brief filed in U.S. District Court in Denver on Tuesday.  The court filing didn't elaborate, saying instead that Nacchio "hereby reserves his right to respond more fully" by July 7 to the government's motion for the money judgment.

Nacchio, former CEO of Qwest, was convicted last month of 19 insider-trading counts in connection with $52 million of stock sales in April and May 2001.

His attorneys have said they will appeal.

Nacchio is scheduled to be sentenced on July 27. Experts have said they think his sentence will be roughly 10 years.

He also could be fined up to $1 million for each count, in addition to possible forfeiture of stock sale proceeds

http://www.rockymountainnews.com/drmn/other_business/article/0,2777,DRMN_23916_5527173,00.html