Nacchio Sentenced To 6 Years, Fined Millions - Tucson News Now

Nacchio Sentenced To 6 Years, Fined Millions

Posted From The KOLD News 13 Newsroom

DENVER - A federal judge has sentenced former Qwest Communications chief executive Joe Nacchio to six years in prison for his insider trading conviction.

Defense attorney Herb Stern says former Qwest Communications chief executive Joe Nacchio has decided against making a statement during his sentencing hearing, saying "he has nothing more to add."

Nacchio is being sentenced Friday in Denver following his April conviction for making 52 (m) million dollars in stock sales at a time when he knew Qwest faced financial risk - but didn't tell investors.

U.S. District Judge Edward Nottingham has already ordered Nacchio to forfeit 52 (m) million in assets within 15 days. The judge has yet to impose a prison sentence, but has said Nacchio will serve time.

Nottingham could sentence Nacchio to a maximum of seven years, three months in prison, and impose a 19-(m)-million-dollar fine.

At one point, Nacchio, his wife, Anne, and son, Michael, broke into tears as defense attorney Herbert Stern described the mental health problems of Nacchio's other son, David, in arguing for a lesser sentence.

David's suicide attempt prompted his father to consider resigning in January 2001, according to trial testimony. Defense attorneys pointed to that emotional time for Nacchio as part of their argument that he was NOT guilty.

Nottingham earlier denied a defense motion for an acquittal and for a new trial, dismissing claims that jurors were swayed by damaging pretrial publicity.

Denver-based Qwest Communications International is the primary telephone service provider in 14 Midwestern and Western states.

Copyright 2007 by The Associated Press.

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