10th Circuit Reinstates Nacchio Conviction, Jail Sentence
In a split decision, the 10th Circuit, en banc, has reinstated the insider trading conviction and 6 year prison sentence of former Qwest CEO Joe Nacchio. It also revoked his bail. The 104 page opinion is here (pdf.)
The 5-4 decision by the full 10th U.S. Circuit Court of Appeals reinstates Nacchio's conviction and his six-year prison sentence and revokes his release on $2 million bond.
....Nacchio was convicted in 2007 on 19 counts of insider trading for illegally selling $52 million worth of stock six years earlier, after company insiders warned him that Qwest could not meet its financial targets.
The issue was the trial court's exlcusion of Nacchio's expert witness. [More...]
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