SEC reaches settlement with ex-Qwest CEO Nacchio
Joseph Naccio By Associated PressDENVER (AP) — The Securities and Exchange Commission has reached a settlement in its civil lawsuit against former Qwest CEO Joseph Nacchio. The suit accused Nacchio and other former executives at Denver-based Qwest Communications International Inc. of misleading investors by not specifying how much of the telecommunication company's revenue between 1999 and 2002 was one-time and how much was recurring. A federal judge must approve the settlement. Documents filed Thursday in federal court in Denver show Nacchio wouldn't admit guilt but would agree never to serve as an officer of a public company again. Nacchio's attorney didn't immediately return a message Friday. Nacchio previously was fined $19 million and ordered to forfeit $44.6 million on criminal insider-trading convictions. In 2007, he was sentenced to six years in prison and ordered to forfeit $52 million and pay a $19 million fine, but the 10th U.S. Circuit Court of Appeals ruled the trial judge miscalculated Nacchio's gains from insider trading. In June, a different judge shaved two months and $7.4 million from that sentence. Nacchio is in the Federal Correctional Institution Schuykill in Minersville, Pa. The proposed settlement of the civil case calls for not imposing a civil penalty on Nacchio because of the criminal sanctions. He would waive his right to appeal the $19 million fine. Federal officials have proposed transferring the $44.6 million to a fund to distribute to harmed Qwest investors. |
Upload directly from your mobile device. Learn howYouNews
This content requires the latest Adobe Flash Player and a browser with JavaScript enabled.
Click here for a free download of the latest Adobe Flash Player.
Stay Connected |
Connect with KCBYPOLL: Extreme Katie's Next Adventure |
February 9, 2012
- Coos Bay / North Bend, Oregon
