- Associated Press - Friday, March 14, 2014

DENVER (AP) - Former Qwest CEO Joe Nacchio and his wife have scored a big win in their attempt to recover nearly $18 million in forfeitures related to his 2007 criminal insider trading conviction.

Nacchio claims the $45 million in stock sale gains he forfeited is deductible as a business expense or loss and he is entitled to a refund. A federal judge agreed Wednesday.

Nacchio was convicted in 2007 of selling $52 million in stock of Denver-based Qwest based on inside information. He also was sentenced to five years and 10 months in prison.

The Denver Post reports (https://tinyurl.com/ku9ylwb ) the government argued giving Nacchio a refund would reduce the sting of a forfeiture penalty.

Nacchio still has to show that he had a proper claim to get the refund.


Information from: The Denver Post, https://www.denverpost.com



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