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.