DENVER—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 ( ) 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.
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Information from: The Denver Post,
