Attorneys for prison-bound Joe Nacchio are seeking a new trial for the former Qwest CEO, claiming new evidence.
Nacchio was convicted in April 2007 on 19 counts of illegal insider trading connected to his sale of $52 million in Qwest stock in early 2001. Nacchio was sentenced to six years in prison and ordered to pay $71 million in fines and forfeitures. His prison sentence is expected to start March 23.
The new evidence — a 2001 revenue shortfall of 1.4 percent — surfaced in a pending civil suit and differs from the 4.2 percent figured used at the 2007 criminal trial, changing the level of risk Nacchio traded on, his attorneys claimed.