Ex-Qwest Communications International Inc.(Q) CEO Joe Nacchio won’t get a new trial on the insider trading charges for which he was convicted in 2007.
A federal judge in Denver on Thursday denied Nacchio’s request, refuting Nacchio’s claim that testimony from a former Qwest CFO differed in two separate under-oath sessions. However, the judge is said to be reconsidering Nacchio’s sentence; an appeals court last year called the six-year prison term too harsh. He also was fined $19 million.
The judge’s ruling came after the Supreme Court last year refused to review Nacchio’s case.
Nacchio was convicted in 2007 for $52 million worth of insider trading that took place in 2001. He’s been passing the time at a minimum security, luxury prison in Pennsylvania.
