Former Qwest CEO Joe Nacchio Appears Prison Bound

February 26 2009, 8:51 AM

The 10th U.S. Circuit Court of Appeals delivered some bad news to former Qwest Communications International Inc. CEO Joe Nacchio yesterday, reinstating his insider-trading conviction and six-year prison sentence while denying him a new trial. That's according to the Denver Business Journal, which writes that the 5-4 vote by judges denied Nacchio's claim that his right to fair trial had been hindered when federal Judge Edward Nottingham excluded expert witness testimony. Nacchio is now expected to ask the U.S. Supreme Court to hear his case. The Wall Street Journal calls it a "squeaker of a decision," noting that Nacchio's bail was also revoked, an indication that he's going to spend time in the clink. For a little stroll down memory lane, check out this timeline by The Associated Press, which highlights such events as Qwest's ability to avoid bankruptcy in 2002 by selling its yellow pages business for more than $7 billion.

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