The Association of U S West Retirees



Nacchio withdraws final appeal


By Andy Vuong
The Denver Post

February 11, 2011

Former Qwest CEO Joe Nacchio

(Denver Post | Hyoung Chang)

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, U.S. Attorney for Colorado. "If the court grants his request and dismisses his appeal, that dismissal will also result in lifting the hold on money Nacchio paid for his fine and forfeiture, which has been held for years in escrow during his appeals. The government will then be able to take steps to direct those funds to the purpose permitted by law, including compensation to victims of Nacchio's crime."

The U.S. Supreme Court has already refused to review Nacchio's case.

Andy Vuong: 303-954-1209, or