Joe Nacchio's Losing Streak
By Michael de Yoanna
Created 2009-12-01 10:55

By: Michael de Yoanna [1]

Category:

Posted:

Joe Nacchio's Losing Streak

Back in October, the U.S. Supreme Court denied [2] 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 [3], 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 [4] 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.

Source URL: http://www.5280.com/blogs/2009/12/01/joe-nacchios-losing-streak

Links:
[1] http://www.5280.com/tag/authors/michael-de-yoanna
[2] http://www.5280.com/../?p=13677
[3] http://www.denverpost.com/headlines/ci_13894083
[4] http://denver.bizjournals.com/denver/stories/2009/11/30/daily8.html?ed=2009-11-30&ana=e_du_pap