U.S. Moves To Freeze Nacchio's Assets

Law360, New York (May 21, 2007, 12:00 AM EDT) -- Federal prosecutors have asked a judge to immediately freeze the assets of Joseph Nacchio, the former head of Qwest Communications International Inc., who was convicted last month of 19 insider trading charges covering $52 million in stock sales.

In a 42-page motion filed Friday in the U.S. District Court for the District of Colorado, prosecutors said that they want to freeze about $52 million of assets to “temporarily preserve the status quo” pending the resolution of the case's forfeiture issues. Nacchio could also, in the alternative,...
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