AUSWR
The Association of U S West Retirees
 

 

 

Nacchio free pending appeal, judges rule
By Sara Burnett and Jeff Smith
Rocky Mounatin News
Wednesday, August 22, 2007


Former Qwest CEO Joe Nacchio can remain free on bail while his insider-trading conviction is appealed, an appellate panel ruled Wednesday. The two-page ruling by a three-judge panel of 10th Circuit Court of Appeals didn't give any reason for granting the request by Nacchio's attorneys.

But it means the panel must have decided there is some possibility that Nacchio's conviction on 19 counts of insider trading could be reversed on appeal.

The ruling spares Nacchio from having to report now for prison.  He was sentenced to six years. fined $19 million and ordered to forfeit $52 million stemming from illegal stock sales in April and May 2001.

The appellate panel also said in its ruling that it will hear Nacchio's appeal on an expedited basis.

Nacchio must file briefs by Oct. 9, the government must respond by Nov. 9, and the case is set for oral arguments in mid-December.  An exact date hasn't been set.

http://www.rockymountainnews.com/drmn/business/article/0,1299,DRMN_4_5679820,00.html