Nacchio denied new trial
A federal judge today denied Joe Nacchio's motion for a new trial, effectively ending the former Qwest chief executive's efforts to overturn his conviction for illegal insider trading.
Nacchio had argued that new evidence had been discovered since he was convicted in 2007, pointing to deposition testimony provided last February by former Qwest chief financial officer Robin Szeliga in a pending civil fraud case.
Nacchio was convicted on 19 counts of illegal insider trading connected to his sale of $52 million in Qwest stock. He began serving a six-year prison term in April.
The new trial request was the last
pending appeal in the case. In October, the
A resentencing ordered by the 10th Circuit Court of Appeals that could cut Nacchio's prison term is ongoing.