AUSWR
The Association of U S West Retirees
 

 

 

Feds: Send him (Nacchio) to prison
The ex-Qwest CEO must show his verdict is wrong, the filing says.
By Andy Vuong
Denver Post
Tuesday, March 17, 2009

Former Qwest chief executive Joe Nacchio should not be allowed to remain free on bail because he has not met the heavy burden of showing that his insider-trading conviction is incorrect, the government argued in a court filing Monday.

The Department of Justice's filing states that "after a conviction, the burden shifts to the defendant to establish that the criteria for release are met."

The 10th Circuit Court of Appeals affirmed Nacchio's conviction last month and revoked his bail.

On March 4, U.S. District Judge Marcia Krieger ordered Nacchio to report to a Pennsylvania prison camp by noon next Monday to begin serving his six-year term.

Nacchio has asked Krieger to allow him to remain free on bail pending a petition to have the Supreme Court review the conviction.

His attorney Maureen Mahoney said in the request that she could file the Supreme Court petition as early as this week.

Nacchio can also ask a Supreme Court judge to allow him to remain free but has not done so.

Nacchio was convicted in 2007 on 19 counts of illegal insider trading, accused of selling Qwest stock in early 2001 after receiving warnings from his top executives that the company was in financial trouble.

Andy Vuong: 303-954-1209 or avuong@denverpost.com

http://www.denverpost.com/search/ci_11927954