High Court Refuses To Hear Insider Trading Appeal

High Court Refuses To Hear Insider Trading Appeal - 10/5/2009

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2009 News and Press Releases

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HEADLINES \| SETTLEMENTS AND DISMISSALS \| COURT FILINGS LINKS TO OTHER NEWS \| NEWS ARCHIVE	HEADLINES ARCHIVED SETTLEMENTS AND DISMISSALS ARCHIVED

DISMISSAL NEWS:

High Court Refuses To Hear Insider Trading Appeal, The Supreme Court Has Refused To Hear Former Qwest Ceo Joseph Nacchio's Appeal Of His Insider Trading Conviction.
Staff Writer

The Associated Press. October 5, 2009
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EXCERPT: The Supreme Court has refused to hear former Qwest CEO Joseph Nacchio's appeal of his insider trading conviction. The court said Monday it would not entertain Nacchio's request that he either be acquitted of the charge or granted a new trial. Prosecutors said Nacchio sold $52 million worth of stock in 2001 while knowing that Denver-based Qwest Communications International Inc. would have trouble meeting its sales goals. Nacchio began serving a six-year sentence on April 14. He contended the jury was given improper instructions about what internal information had to be disclosed publicly. He also argued that the trial judge improperly barred testimony from an expert who could have explained Nacchio's trading patterns. "I am deeply disappointed by the court's decision because I am convinced that he is innocent and did not receive a fair trial," Nacchio's lead appeals attorney, Maureen Mahoney, said in an e-mail. Nacchio did win one legal fight this summer when a federal appeals court ordered that his sentence be shortened. The three-judge panel of the Denver-based 10th U.S. Circuit Court of Appeals said the trial judge overstated the amount of Nacchio's alleged financial gain but didn't say what his new sentence should be. The panel instead referred the matter to the U.S. District Court in Denver for a decision. Nacchio was one of several executives convicted as part of a government crackdown on white-collar crime stemming from major accounting fraud earlier this decade at companies like Enron and Worldcom.

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