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SMALL BUSINESS
Ex-Qwest CEO seeks fresh start on sentence
AP
DENVER -Former Qwest CEO Joseph Nacchio says a federal judge should start from scratch in reconsidering his sentence for insider trading.
Nacchio was sentenced in 2007 to six years in prison and to pay $71 million. He lost an appeal of his conviction, but a federal appeals court ruled his sentence was too harsh because the trial judge overstated his gains.
If the judge starts fresh, Nacchio could introduce new evidence for her to consider.
Federal prosecutors responded in court documents Monday that the judge isn't required to do so.
Prosecutors said Nacchio sold $52 million worth of stock in 2001 while knowing that Denver-based Qwest Communications International Inc. risked missing its sales targets.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-11-03 00:54:22
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Pdh69
6:05PM Jul 31 2009
These rise class criminals need to pay not only what they profitted but what the shareholders and the company lost. What could the company or people have made had the CEO had not of stole that money. They are criminals that deserve real time in a real jail, not some minium security camp where they still live better than most people in the world. Money, presitage and fancy lawyers win everytime in this corrupted country.
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CBarr94495
3:51PM Jul 31 2009
The punishment should be harsh,that way maybe some one else might think twice about committing fraud.
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