A Denver-based federal appeals court denied a request by former Qwest Communications CEO Joe Nacchio to remain free on bail while he awaits a potential review of his insider trading conviction by the U.S. Supreme Court. It has been reported that the Supreme Court could comment on a possible review within the next few weeks, but Nacchio already has been ordered to report to a federal minimum security prison in Pennsylvania on March 23 to begin serving a six-year sentence.
Several publications also are reporting that Nacchio's legal team is still seeking to postpone the beginning of his sentence, and that the lawyers want to file a court-sealed document that contains confidential information about his health. No further details are clear at this point.
- The Denver Post has this post
Nacchio reportedly sought a new trial earlier this week
Nacchio's insider trading conviction was upheld last month