Nacchio's bail appeal denied, reports to prison in PA

Former Qwest CEO Joe Nacchio had his appeal for a delayed start to his imminent jail term denied by U.S. Supreme Court Justice Stephen Breyer Tuesday.

Nacchio, convicted on several felony counts of insider trading in 2007, reported to the Federal Correctional Institution - Schuylkill in Minersville, Pa., to begin serving his six-year prison term. Three judges from the U.S. Court of Appeals' 10th Circuit, based in Denver, Colo., also denied Nacchio's extension, saying he had not provided evidence that the Supreme Court was likely to review his case.

While a 10th Circuit appeals court overturned Nacchio's conviction in 2008, due to the exclusion of testimony from an expert witness that could have helped Nacchio's case, a nine-judge panel from the appeals court reconsidered the ruling and reinstated the conviction Feb. 25, 2009.

Nacchio still has a slim chance that the Supreme Court will decide to hear his appeal of his conviction. If that appeal fails, he will have no further legal recourse. 

For more:
- see the Bizjournals.com story here 

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