KCBD, NewsChannel 11 Lubbock |Ex-Qwest CEO seeks fresh start on sentence
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Associated Press - November 3, 2009 8:05 AM ET
DENVER (AP) - Former Qwest CEO Joseph Nacchio says a federal judge should start from scratch in reconsidering his sentence for insider trading.
Federal prosecutors responded in court documents Monday that the judge isn't required to do so.
If the judge starts fresh, Nacchio could introduce new evidence for her to consider.
Nacchio was sentenced in 2007 to six years in prison and to pay $71 million.
Prosecutors said he sold $52 million worth of stock in 2001 based on nonpublic information that Denver-based Qwest Communications International Inc. risked missing its sales targets.
Nacchio lost an appeal of his conviction, but a federal appeals court ruled his sentence was too harsh because the trial judge overstated Nacchio's gains.
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