news

Joe Nacchio, Ex-Qwest CEO, Denied New Trial

Ex-Qwest Communications International Inc.(Q) CEO Joe Nacchio won’t get a new trial on the insider trading charges for which he was convicted in 2007.

A federal judge in Denver on Thursday denied Nacchio’s request, refuting Nacchio’s claim that testimony from a former Qwest CFO differed in two separate under-oath sessions. However, the judge is said to be reconsidering Nacchio’s sentence; an appeals court last year called the six-year prison term too harsh. He also was fined $19 million.

The judge’s ruling came after the Supreme Court last year refused to review Nacchio’s case.

Nacchio was convicted in 2007 for $52 million worth of insider trading that took place in 2001. He’s been passing the time at a minimum security, luxury prison in Pennsylvania.


Leave a comment

Your email address will not be published. Required fields are marked *

Polls

Is your business ready for the EU's GDPR to go into effect on May 25?

View Results

Loading ... Loading ...
The ID is: 80601