A nine-member appeals court judge panel narrowly voted to reinstate the almost two-year-old insider trading conviction of Qwest Communications CEO Joe Nacchio. They also revoked Nacchio's $2 million bail bond, so he probably will go to prison, having already been sentenced to six years.
A three-judge panel last year granted Nacchio's bid for a new trial, and his legal team tried to make the case that a key expert witness' testimony was not allowed in the original trial. It is not clear what their next move is, but Nacchio's lead attorney issued a statement saying she hoped the U.S. Supreme Court would review the case.
- The Wall Street Journal Law Blog has this post
The appeals court panel began their review last September
Last March, a three-judge panel gave Nacchio a do-over