DENVER (CBS4)– Former Qwest CEO Joe Nacchio won his latest battle in court on Thursday. He won an $18 million ruling in U.S. Court of Federal Claims as a result of his insider trading conviction that put him in prison.
Nacchio won back the money that he had paid in taxes for his stock profits from Qwest stock sales. The money he made from those sales was forfeited in the sentence from his conviction for insider trading.
Nacchio and his attorney claimed he should get a tax refund because he had paid taxes on the money that was then taken away from him.
Nacchio is a free man after serving 4½ years in prison. He was convicted on 19 counts of insider trading.
Nacchio predicted a bright future for Qwest when he was CEO of the Colorado-based telecommunications company. But its stock crashed in 2001.