Former Qwest CEO Joe Nacchio was convicted on 19 of 42 counts in his insider trading trial |
WASHINGTON—
The United States Supreme Court Monday refused to hear former Qwest CEO Joseph Nacchio's appeal of his insider trading conviction.The court said it would not entertain Nacchio's request that he either be acquitted of the charge or granted a new trial.
Prosecutors said Nacchio sold $52 million worth of stock in 2001 while knowing that Denver-based Qwest Communications International Inc. would have trouble meeting its sales goals.
Nacchio began serving a six-year sentence on April 14. He contended the jury was given improper instructions about what internal information had to be disclosed publicly. He also argued that the trial judge improperly barred testimony from an expert who could have explained Nacchio's trading patterns.
