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.