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Federal appeals court allows Qwest ex-CEO to remain free pending appeal

[JURIST] The US Court of Appeals for the Tenth Circuit ruled Wednesday that former Qwest CEO Ralph Nacchio [JURIST news archive] can remain free on bail pending his appeal of his insider trading conviction [JURIST report]. Nacchio was convicted in April on 19 counts of insider training for illegally selling 1.33 million shares valued at $52 million dollars in conjunction with the Denver-based telephone service provider's accounting scandal. He was sentenced [JURIST report] last month to six years in prison and was ordered to pay a $19 million fine in addition to forfeiting the $52 million.

Federal prosecutors indicted Nacchio in December 2005 on 42 counts of insider trading [JURIST report]. He and other former Qwest executives are still facing a class action lawsuit and other civil charges brought by the Securities and Exchange Commission [JURIST reports]. Another former Qwest employee, ex-vice president Marc Weisberg, pleaded guilty to wire fraud [JURIST report] in December 2005 and helped prosecutors build their case against Nacchio. Reuters has more.

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Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible format.

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