Qwest Communications International Inc.s former CEO, Joe Nacchio, must forfeit $52 million in assets he gained after illegal stock sales.
The federal government has tried since late 2005 to force Nacchio to hand over those proceeds.
A federal judge in Denver released the forfeiture order on Friday as Nacchios sentencing hearing was starting.
Nacchio in April was convicted on 19 of 42 counts of illegal insider trading. The federal government had pursued Nacchio for several years, accusing him of taking part in insider trading for sales of $100.8 million in Qwest stock between Jan. 2, 2001, and May 29, 2001.
The judge could sentence Nacchio to seven years and three months in prison, and impose $19 million in fines. He also is set to decide whether Nacchio may remain free on bond pending an appeal.
Qwest Communications International Inc. www.qwest.com
Security and UCaaS and SD-WAN, the triple-headed monster, dominated the news last week. https://t.co/Yoq7yrjhkf
October 19 2018 @ 21:53:25 UTC