Ex-Qwest CEO Nacchio seeks $18 million tax refund

Former Qwest CEO Nacchio, convicted of insider trading, seeking $18 million tax refund

Associated Press

DENVER (AP) -- Imprisoned former Qwest Communications International Inc. CEO Joseph Nacchio is seeking a nearly $18 million tax refund.

Nacchio was convicted in 2007 of selling $52 million in stock of Denver-based Qwest based on inside information. He was ordered to forfeit $44 million and to pay a $19 million fine. He also was sentenced to five years and 10 months in prison.

Nacchio and his wife say in court documents that they want a refund of $18 million in taxes they paid on the $52 million they gained from the stock sales, since the court ordered Nacchio to forfeit that gain.

Attorneys for Nacchio and the U.S. government made verbal arguments in a Washington courtroom Tuesday. KUSA-TV in Denver reports it's not clear when a judge will rule.

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Information from: KUSA-TV, http://www.9news.com

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