AUSWR
The Association of U S West Retirees
 

 

 

Nacchio denied new trial

The Denver Post

Andy Vuong
January 13, 2010

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.

U.S. District Judge Marcia Krieger said in her ruling that she "cannot find that there is a reasonable probability that presenting Ms. Szeliga's deposition testimony would result in an acquittal in this 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 U.S. Supreme Court rejected Nacchio's request for a review of the conviction.

A resentencing ordered by the 10th Circuit Court of Appeals that could cut Nacchio's prison term is ongoing.