New Trial for Ex-Qwest Boss Nacchio
2008/03/17/1634 by fumfRTFA: http://news.wired.com/dynamic/stories/Q/QWEST_NACC…
DENVER (AP) — A federal appeals court ordered a new trial Monday for former Qwest CEO Joe Nacchio, saying the trial judge wrongly excluded expert testimony important to Nacchio’s defense in his insider trading case.
The court also ordered a new judge to hear Nacchio’s case.
Nacchio was convicted in April on 19 counts involving the sale of $52 million worth of Qwest stock in 2001. He was sentenced to six years in prison but remained free on appeal. Jurors acquitted Nacchio of 23 counts.
Prosecutors argued Nacchio sold the stock when he knew Denver-based Qwest Communications International Inc. was at financial risk but didn’t tell investors. U.S. Attorney Troy Eid had called the case the largest insider trading prosecution in the nation based on the number of counts, the amount of money involved and the length of the prison term…
Nacchio maintained he was optimistic about Qwest’s future because he knew of potential contracts the company could land from secret government agencies. He did not present that argument during his trial.
Is this the same Qwest CEO that said the government approached him in Feb. 2001 to spy on Americans?
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