Nacchio withdraws final appeal
By Andy Vuong
February 11, 2011
Former Qwest CEO Joe Nacchio
Former Qwest chief executive Joe Nacchio, serving five years and 10 months in prison for insider trading, filed today to withdraw his final appeal.
The move, which still requires court approval, essentially ends Nacchio's more than five-year legal fight with the U.S. Justice Department.
Nacchio was charged with 42 counts of insider trading in December 2005. A jury convicted him on 19 counts in 2007.
Nacchio had indicated in court filings last year that he planned to appeal his prison sentence.
"I am knowingly and voluntarily electing to withdraw the appeal," Nacchio said in the filing.
In addition to his prison sentence, Nacchio was ordered to pay $19 million in fines and $44.6 million in forfeitures.
"By withdrawing his appeal, he will no longer contest the length
of his incarceration," said John Walsh,