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February 25, 2009 08:48 PM UTC

Nacchio Conviction Upheld

  • 5 Comments
  • by: Colorado Pols

Closure a step nearer in our local Enron scandal, as the Denver Post reports:

A federal appeals court in Denver today upheld Joe Nacchio’s criminal insider trading conviction, overturning an initial three-judge panel’s decision to grant the former Qwest chief executive a new trial.

The initial panel had ruled that the trial judge hindered Nacchio’s right to a fair trial in excluding expert testimony from business-law professor and private consultant Daniel Fischel, one of the three witnesses Nacchio called in his defense against 42 counts of insider trading charges.

In a 5 to 4 vote, a panel of nine judges disagreed.

Nacchio, 59, remains free on $2 million bail and is expected to petition for the Supreme Court to hear the case. He faces six years in prison for his conviction on 19 counts of insider trading.

Comments

5 thoughts on “Nacchio Conviction Upheld

  1. Interesting 5-4 decision.  I’m interested in reading the decision and the line-up if you find a link.

    Now that Nottingham is gone, who would have heard this matter had the Court kicked the decision back to the Circuit Court?

    More questions than comments, I know.

  2. The disputed issues involve the application of the law to a particular set of facts; not a clean, narrow statutory tests upon which circuits are split, or constitutional issues.

    It is a close case, but not one of profound legal importance, because the core disputed about the admissibility of expert testimony are clouded by the failure of Nacchio’s counsel to perfect their claims procedurally in the trial court.  (I’m not saying that they did a bad job, or that I would have done better, but that is part of the basis of the ruling against him.)

  3. .

    poor Joe has burned through $200 Million on his legal defense.  If this crucifixion doesn’t stop, he may use up all his pocket change and have to withdraw money from the bank, or wherever billionaires keep the stuff.

    And its not all his fault that your phone (and internet) service are so bad.  

    Remember who the big money was behind him and the rape of US West.  

    .

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