Sept. 3 (Bloomberg) -- Joseph Nacchio, the former chief of Qwest Communications International Inc. convicted of insider trading, settled a related civil lawsuit brought by the U.S. Securities and Exchange Commission.
The SEC filed a request yesterday asking U.S. District Judge Marcia Krieger in Denver to approve the settlement. The agreement would bar Nacchio from acting as an officer or director of a public company.
Nacchio, 61, of Rumson, New Jersey, was convicted in 2007 of illegally selling $52 million of stock in Denver-based Qwest in 2001 based on inside information. In the criminal case, Krieger upheld a $19 million fine -- the maximum Nacchio faced - - and approved forfeiture of $44.6 million, a figure agreed to by Nacchio and the government.
The SEC cited the fine and penalty, saying a civil penalty isn’t being imposed “in light of the sanctions ordered in the related criminal case,” according to the court filing.
Nacchio has appealed a 70-month prison sentence that reduced his original term by two months. An appeals court has not ruled on that request.
The case is U.S. v. Nacchio, 1:05-cv-00480, U.S. District Court, District of Colorado (Denver).
To contact the reporter on this story: Joel Rosenblatt in Denver at firstname.lastname@example.org.
To contact the editor responsible for this story: David E. Rovella at email@example.com.