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Ex-Qwest CEO's Conviction Overturned

Posted Mar 17, 08 3:35 PM CDT in Business 

(Newser) – A federal appeals court overturned Joe Nacchio’s guilty verdict today and ordered a new trial for the ex-Qwest CEO before a different judge, the Denver Post reports. The court ruled that the district judge who presided over Nacchio's trial on insider trading charges erred in excluding testimony from an expert witness who teaches law at Northwestern.

"We conclude that the district judge was wrong to prevent Professor Fischel from providing expert analysis, and that this error was not harmless," says the majority decision. The appeals court also ruled that there was enough evidence in the case for Nacchio to be tried again without violating double jeopardy. He was sentenced in November to 6 years in prison, fined $19 million, and forced to turn over $52 million from the sale of Qwest stock

Source Denver Post

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Joe Nacchio the former head of Qwest Communications arrives to be sentenced at the federal courthouse with his wife Anne, right, and son Michael in Denver, Colo., on Friday, July 27, 2007.   (AP Photo/Ed Andrieski)
Former Qwest Communication executive Joe Nacchio and his wife, Anne, leave the federal courthouse in Denver on Tuesday, April 17, 2007.   (AP Photo/Ed Andrieski)
Joe Nacchio the former head of Qwest Communcations is shown in this courtroom drawing, holding a handkerchief used to wipe away tears, as he is sentenced to six years, July 27, 2007.   (AP Photo/Pat Lopez)
Ken Weis, a Qwest Communication employee from Omaha, smiles as he holds up 6 fingers for the sentence that former Qwest Communications CEO Joe Nacchio received at the federal courthouse in Denver, on...   (AP Photo/Ed Andrieski)
Former Qwest Communication executive Joe Nacchio and his wife, Anne, walk to the federal courthouse in Denver, Tuesday, April 17, 2007.   (AP Photo)
Joe Nacchio, the former head of Qwest Communications, arrives at the federal courthouse with his wife Anne in Denver, Colo., Friday, July 27, 2007, for sentencing on insider trading charges . Nacchio...   (AP Photo/Ed Andrieski)
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insider trading  • Qwest  • Joseph Nacchio  • tech bubble  • appellate court  • overturned verdict


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