What Joseph Nacchio Is Asking for Now
Former Qwest chief executive Joe Nacchio, who was convicted in 2007 on charges of insider trading and was finally sent to prison earlier this year, is in limbo when it comes to the U.S. Supreme Court. He wants the court to take a look at whether former federal Judge Edward Nottingham inappropriately excluded an expert witness from his trial and whether the government's charges against him were based on future revenue projections, rather than the actual revenue, according to The Wall Street Journal. But on Monday, the Supreme Court failed to mention Nacchio's case and now appears to be engaged in a deep review. Should the court decide to take it up, the case "could have far-ranging implications for the exposure executives have to insider trading charges when they discuss financial outlooks with other employees inside their corporations before making public announcements," the Journal writes. Yesterday, Nacchio asked another judge to find in his favor in a Securities and Exchange Commission lawsuit that alleges the financial fraud. Nacchio says Denver-based Qwest's stock plummeted because of industry problems, writes The Associated Press. Nacchio is the last of the 1990s telecommunications execs to be indicted on insider trading, as InformationWeek points out.
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