Court approves Nacchio's request to drop appeal
By Andy Vuong
February 14, 2011
federal appeals court in Denver today approved a request by Joe
Nacchio to withdraw his appeal of his sentence, ending the
imprisoned former Qwest chief executive's more than five-year
legal battle with the Justice Department.
Nacchio, serving five years and 10 months in prison for criminal
insider trading, filed to withdraw the appeal Friday.
Nacchio was charged with 42 counts of insider trading in
December 2005 connected to his sale of $100 million in Qwest
stock in early 2001.
convicted him on 19 counts in 2007, finding that he based some
of the stock sales on material information about Qwest's
deteriorating finances that was not available to the public.
The U.S. Supreme
Court rejected Nacchio's request for a review of the case in
Nacchio reported to a federal prison camp in Schuylkill, Pa., in April 2009. His projected release
date is May 2014.