Former Qwest Communications CEO Joe Nacchio is due to report to prison in about two weeks to begin serving a six-year term for insider trading, but his legal team is doing everything they can to keep him out of prison and keep his case alive. Nacchio's lawyers have filed documents seeking a new trial, plan to request a review of the current conviction by the U.S. Supreme Court, and also want the appeals court to grant him freedom on bail while the Supreme Court review proceeds.
Regarding the request for a new trial, Nacchio's lawyers made it based on their allegation that the testimony of former Qwest Chief Financial Officer Robin Szeliga in the original trial was mischaracterized by the prosecution. The Wall Street Journal reports that Nacchio's team is suggesting that Szeliga's testimony was ambiguous about what she told Nacchio regarding expectations that the company would have a revenue shortfall--a conversation between Nacchio and Szeliga that occurred before Nacchio sold a large amount of stock. Nacchio has argued that his stock sale had been planned and had nothing to do with the allegedly ambiguous conversation.
- The Wall Street Journal has this report
Nacchio was ordered to report to prison March 23
Nacchio's original conviction was upheld last month