High Court Refuses to Hear Nacchio's Insider Trading Appeal
The Supreme Court has refused to hear former Qwest CEO Joseph Nacchio's appeal of his insider trading conviction.
The court said Monday it would not entertain Nacchio's request that he either be acquitted of the charge or granted a new trial.
Prosecutors said Nacchio sold $52 million worth of stock in 2001 while knowing that Denver-based Qwest Communications International would have trouble meeting its sales goals. Nacchio began serving a six-year sentence on April 14. He contended the jury was given improper instructions about what internal information had to be disclosed publicly.
He also argued that the trial judge improperly barred testimony from an expert who could have explained Nacchio's trading patterns.