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Hearings on illegal stock profits slated in Nacchio
resentencing
The
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. Lawyers for
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;
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