Joseph Nacchio, former CEO of Qwest, has won an appeal of his sentence and of the forfeiture award against him, both for insider trading convictions, in the United States Court of Appeals for the 10th Circuit.
He is likely to see his six year sentence reduced by a couple of years, and to be allowed to keep about $7.4 million more of his assets than the trial court had allowed him to keep. Mostly the difference flows from the trial courts failure to distinguish between gains from his crime and gains from general stock market activity, and from the fact that he wasn’t give full credit for the costs he paid to acquire and sell the stock that was traded on insider information.
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His legal fees were paid by Qwest. I do not know if they still are, or if efforts have begun to recover the millions spent on the trial and appeals process.
In 2000, according to information repeated by the Denver Post, he had a net worth of over $500 million. Some of that is already gone for a variety of reasons like stock market fluctuations.
But, in addition to $19 million in fines and $44.6 million in criminal restitution, there are civil suits seeking about $216 million from him.
If he can prevail in reducing the amount awarded in the civil lawsuits (and criminal convictions that have been affirmed on appeal certainly don’t help is case on that front, but he doesn’t have to reduce a judgment to zero) he may have something left over.
There are also attempts to return to him about $90 million that he transferred to his wife.
…to defend himself against criminal charges?!
and it’s in the tens of millions of dollars
would they pay his fees if he’s accused of murder? If not, where’s the line?
Qwest can try to recover the expenses since he’s been found guilty.
I think that they will continue to pay until the appeals process is through.
His legal team billed 10’s of millions.