Prosecutors Say Nacchio Transferred Assets to Wife

By: AP Email
By: AP Email

Denver (AP) Prosecutors allege former Qwest CEO Joe Nacchio was so concerned about protecting his assets as questions arose over Qwest's accounting that he considered divorce -- for financial reasons.

The allegations are included in documents filed in U.S. District Court in Denver to try to freeze about $52 million of Nacchio's assets.

Nacchio was convicted last month of insider trading for transactions that prosecutors say resulted in $52 million in gross proceeds. He is to be sentenced July 27th.

Prosecutors say that in early 2002, after Nacchio had been named in a lawsuit alleging insider trading, Nacchio transferred some assets to his wife's name.

Prosecutors say Nacchio's financial adviser wrote in October 2002 that Nacchio was exploring the possibility of a divorce for financial reasons.

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