Joe Nacchio's Losing Streak

December 2009

Back in October, the U.S. Supreme Court denied former Qwest CEO Joe Nacchio's petition for a review of his insider-trading conviction, and yesterday, without explanation, the court rejected Nacchio's request for reconsideration yet again. That's according to The Denver Post, which reports the court did not solicit additional filings from the government before acting. Former District Court Judge Edward Nottingham fined Nacchio $19 million and ordered him to forfeit $52 million for insider trading in 2007, sentencing him to a six-year prison term that began in April. Nacchio is to be re-sentenced, however, because the U.S. 10th Circuit Court of Appeals tossed out Nottingham's six-year sentence, the Denver Business Journal points out, in a ruling that leaves intact convictions on 19 felony counts but finds the lower court overestimated the financial scale of Nacchio's crime.

Tags: