Former Qwest CEO Joe Nacchio thought he had finally found a get-out-of-jail-card, but a federal judge in Denver ruled that he will not get a new trial for his role in the insider trading scandal.
In 2007, Nacchio was sentenced to serve a six year prison term and pay $71 million. Nacchio was accused of selling $52 million of Qwest's stock in 2001 after hearing that his company would miss set sales targets.
Nacchio claims he had the right to a new trial because Robin Szeliga, Qwest's former Chief Financial Officer, provided testimony in a recent civil case that differed from what she said during Nacchio's criminal trial. During the initial criminal trial, Szeliga apparently told Nacchio that the service provider might miss a $1 billion revenue target, but it was not clear whether the warning was related to Qwest's public sales targets or an internal goal.
However, U.S. District Judge Marcia Krieger ruled yesterday that Szeliga's testimony was not enough to prompt an acquittal.
- Coloradoan.com via AP has this article
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Nacchio's new prison date: April 14