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Nacchio to skip resentencing | The Money Times

Money Matters - Simplified

Nacchio to skip resentencing

Denver -- Former Qwest executive Joe Nacchio asked a judge in Denver for permission to skip a resentencing hearing that would disrupt his prison routine.

"That's my world now," he said, describing his life that includes leading Catholic services in a Minersville, Pa., prison, where he is serving a six-year sentence on 19 counts of insider trading, The Denver Post reported Wednesday.

Nacchio was also sentenced to a $19 million fine and ordered to return $52 million in ill-gotten gains from his sale of company stock in 2001.

Nacchio was sentenced in 2007. He said he preferred to skip the resentencing, which would take place in Denver, far from his family.

"I remain an important figure in my extended family. I have a 92-year-old mother now who is not well," he said.

Judge Marcia Krieger said she had ordered Nacchio to appear in court so she could evaluate if he was competent enough to understand the implications of waiving his right to attend the resentencing, which could reduce his punishment.

She said he was "fully competent" to make the decision, granting his request for a waiver.

Copyright 2010 United Press International, Inc. (UPI)

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