KFDA - NewsChannel 10 / Amarillo, TX: newschannel10.comEx-Qwest CEO seeks fresh start on sentence
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DENVER (AP) - 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 thejudge 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.
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