Nacchio plea to stay free denied
By Andy Vuong
Wednesday, March 11, 2009
A federal appeals court panel on Tuesday rejected former Qwest
chief executive Joe Nacchio's request to remain free pending a
possible Supreme Court review of his insider-trading conviction.
Nacchio has been ordered to begin serving his six-year prison
term March 23 at a minimum-security prison camp in
Separately Tuesday, Nacchio's attorneys filed a motion in U.S.
District Court in
Denver to postpone the date he must
report. The filing didn't provide specifics, though
Nacchio's attorneys requested permission to file under seal a
document supporting the motion because it contains information
about his health.
In denying Nacchio's application for bail, the 10th Circuit
Court of Appeals panel suggested Nacchio could file the same
request with the District Court.
Nacchio could also ask the Supreme Court to stay his sentence,
which would allow him to remain free while the high court
considers his case. His appeals attorney, Maureen Mahoney,
has said she plans to petition for a Supreme Court review of the
conviction by the end of this month.
Nacchio was convicted on 19 counts of illegal insider trading in
2007, accused of accelerating his sale of Qwest stock in early
2001 after receiving warnings from his top executives that the
company's financial condition was deteriorating.
Andy Vuong: 303-954-1209 or