Sorry Mr. Nacchio, but you're staying in jail. This was the message that the U.S. Supreme Court gave on Monday as they denied an appeal to overturn Qwest's CEO Joseph Nacchio's insider-trading conviction. In the latest twist in a case between Nacchio and the U.S. Justice Department, the court decided not to alter a lower court ruling that Nacchio was guilty of 19 counts of insider trading.
In 2007, Nacchio was found guilty of selling $52 million worth of stock despite knowing that Qwest was financially unstable. After deadlines to begin serving his sentence were delayed due to ongoing court appeals, Nacchio fomally began his sentence in April at the Schuylkill minimum-security facility in Minersville, Pa.
It looked like Nacchio was nearing a major break in his case when his attorneys asked the Supreme Court to review the possibility a federal judge not including an expert witness in the initial trial and also if the government developed its case on internal discussions Nacchio had with staff at Qwest.
- Wall Street Journal has this article
Nacchio could have prison sentence reduced
Avoiding another Nacchio
Supreme Court lingering over Nacchio case
Nacchio's new prison date: April 14