Local News

Jailed Ex-Qwest CEO seeks $18 million tax refund

Joseph Nacchio was convicted in 2007 of selling $52 million in stocks

DENVER, Colo. - 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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