The Association of U S West Retirees



Nacchio appeal set for Dec. 18
The Denver Business Journal
Saturday, August 25, 2007

The U.S. Court of Appeals has set Dec. 18 as the date for oral arguments in the appeal of Joseph Nacchio, the former Qwest Communications International Inc. CEO trying to reverse his conviction on 19 counts of insider trading.

On Aug. 22., the 10th Circuit Court of Appeals let Nacchio remain free on bail pending the appeal, which means he will not begin serving time on the felony charges until at least after the mid-December hearing.

Nacchio was convicted of selling Qwest (NYSE: Q) shares during spring 2001 when executives internally knew the company would miss its financial goals but Nacchio publicly maintained the company's prospects were good.

U.S. District Judge Edward Nottingham sentenced Nacchio last month to six years of prison plus a $19 million fine and ordered him to forfeit $52 million he made from the stock sales that the jury deemed improper.

The New Jersey resident left Qwest in 2002.  The following year, Qwest restated its 2000 and 2001 financial statements, showing losses nearly $2.6 billion larger than previously reported.