The U.S. Supreme Court rejected an appeal by former Qwest Communications International CEO Joseph Nacchio of his insider trading conviction on the grounds that he did not get a fair trial, reports Reuters. Nacchio’s attorneys had argued in the appeal to the nation’s high court that he should be acquitted or at least given a new trial. Nacchio was convicted in 2007 on 19 counts of insider trading related to sales of Qwest stock in 2001. Nacchio initially received a sentence that included six years in prison and an order to forfeit $52 million. He began serving his prison sentence in mid-April. Despite Nacchio’s objection, the Supreme Court rejected the appeal without a comment. IT sided with the U.S. Department of Justice, which said the appeals court ruling was correct and that further review of the case was not necessary.
Supreme Court Rejects Quest Ex-CEO Nacchio’s Appeal
Qwest Ex-CEO Joseph Nacchio’s appeal for a retrial was rejected by the Supreme Court.