Former Qwest CEO Nacchio back in Denver courtroom today
By Andy Vuong
A year into a six-year prison term for
criminal insider trading, former Qwest chief executive Joe
Nacchio is scheduled to appear in custody at a hearing today in
U.S. District Court in Denver.
Nacchio's plan to skip his resentencing in June will be
reviewed during the hearing, which could lead to his first
public remarks in years.
Nacchio, who is serving time at a prison camp in Pennsylvania, didn't take the stand during
trial at the same courthouse in spring 2007. He declined the
opportunity to address the judge at the initial sentencing that
July — his last public appearance. He made a last-ditch attempt
to speak at the end of that hearing, but was rebuffed.
U.S. District Judge Marcia Krieger acknowledges that Nacchio
has the right to waive his appearance at his resentencing, but
said the waiver is only valid if it is "voluntary and informed."
Krieger said Nacchio's physical presence is required for her
to make that determination. She cited several reasons, including
the fact that he didn't waive his appearance at the initial
sentencing and has changed attorneys since then.
Nacchio, 60, is expected to appear in handcuffs and prison
He was convicted in April 2007 on 19 counts of illegal
insider trading connected to his sale of $52 million in Qwest
stock. Prosecutors said he dumped the shares based on private
warnings that the Denver-based company's financial condition was
In addition to the prison term, he was ordered to forfeit the
$52 million and pay $19 million in fines.
In July 2007, an appeals court panel granted Nacchio a
resentencing, ruling that the trial judge, Edward Nottingham,
erred when he issued the initial sentence. The order means
Nacchio's sentence could be shortened and his forfeiture could
Nottingham has since
The resentencing is scheduled to start June 22 with an
evidentiary hearing where expert witnesses from both sides will
testify. The new sentence will be handed down June 24.
Andy Vuong: 303-954-1209,