republican-creole
Search:  

 
theme to white backgroundlet page decide theme
HomeFind ServiceReviewsISP NewsFAQsForumsToolsDatabaseAbout 
 
   News
newer
story category Ex-Qwest CEO's Conviction Overturned
Judge prevented testimony that Nacchio was 'just diversifying portfolio'
(old news - 09:08AM Tuesday Mar 18 2008)
tags: legal · business · telco · Qwest.net
In July of last year, former Qwest CEO Joseph Nacchio was sentenced to six years in prison for insider trading of $52 million in company shares. The former executive was also forced to forfeit $52 million in assets from illegal stock sales, as well as pay a $19 million fine. Today an appeals court overturned that conviction, stating that the trial Judge improperly excluded expert testimony
Click for full size
that would have helped Nacchio advance his defense.
Nacchio's attorneys say Fischel, an expert on corporate law and markets, was a core part of his defense and could have explained to jurors what must be publicly disclosed and that Nacchio's stock sales were to diversify his portfolio. Mahoney said a reasonable jury hearing testimony from Fischel would have acquitted Nacchio.
You see, it wasn't insider trading, it was $52 million in diversification as his company imploded. Nacchio attorney Maureen Mahoney in a statement said: "If the government decides to retry the case, we expect him to be acquitted."

Related:
  1. The Rigas Family Heads To Prison
  2. Qwest Wants Comcast Taxed Like A Telco
  3. Qwest Sued Over DSL Early Termination Fees
  4. Former Qwest CEO Nacchio Finally Heads To Jail
  5. Bumping Into Qwest's Invisible Cap
  6. Unions Ramp Up Opposition To Verizon/Frontier Deal
  7. Wisconsin Realizes 'Franchise Reform' Was A Con
  8. Frontier Shareholders Approve Verizon Deal
Forums » Ex-Qwest CEO's Conviction Overturned
view: topics flat text 
Post a:

TKJunkMail
Enjoy the sun
Premium
join:2002-03-03
Avalon, NJ
·Sprint Mobile Broa..
·Comcast

Nacchio was guilty but judge screwed up

The trial judge shouldn't have blocked Nacchio from defending himself, even if that expert's testimony was unlikely to affect the outcome of the trial. The jury would have seen thru the pathetic justification for Nacchio's stock sales and convicted him anyway. All the judge did was open up the opportunity for a successful appeal.
--
My BLOG .. .. Internet News .. .. My Web Page
permalink · 2008-03-18 09:17:22 · Print · Reply to this

supergirl

join:2007-03-20
Pensacola, FL
·Cox VOIP
·Skype
·Cox HSI
·AT&T Southeast
·magicjack.com

Re: Nacchio was guilty but judge screwed up

said by TKJunkMail See Profile :

The trial judge shouldn't have blocked Nacchio from defending himself, even if that expert's testimony was unlikely to affect the outcome of the trial. The jury would have seen thru the pathetic justification for Nacchio's stock sales and convicted him anyway. All the judge did was open up the opportunity for a successful appeal.
Nacchio got this reversed yesterday. Actually, this bozo gets a new trial not an appeal. He won the appeal. 19 convictions of securities fraud were dismissed. The Judge screwed-up but I doubt the U.S. Attorney won't go after Mr. Nacchio again. I doubt anyone would buy his "defense" as his lawyer said. She's either really dumb or just very good. I'd say the later on the appeal win not on the defense.
--
Saving the world keeps me busy. However, I find Earth very primitive from my home planet of Krypton.
-Supergirl
permalink · 2008-03-18 09:55:36 · Print · Reply to this
ncbill
Premium
join:2007-01-23
Winston Salem, NC

Re: Nacchio was guilty but judge screwed up

But in the meantime he "diversifies" all his assets overseas.

And probably himself as well.
permalink · 2008-03-18 10:01:19 · Reply to this
moonpuppy

join:2000-08-21
Glen Burnie, MD
·Verizon Online DSL

Re: Nacchio was guilty but judge screwed up

said by ncbill See Profile :

But in the meantime he "diversifies" all his assets overseas.

And probably himself as well.
Doubtful since I would hope they seized his passport.
permalink · 2008-03-18 10:51:02 · Reply to this
ncbill
Premium
join:2007-01-23
Winston Salem, NC

Re: Nacchio was guilty but judge screwed up

You don't need a passport to cross into Mexico (don't know about Canada)

Simply drive to any popular border town and walk across.

With his money he can arrange for transport from there to any country he wants.
permalink · 2008-03-18 12:28:42 · Reply to this

firephoto
KDE
Premium
join:2003-03-18
·Verizon west (ex G..

There's more to this

Mr. Nacchio was one of the individuals that stated requests from the Bush administration for warrantless wire taps were taking place before September, 11 2001.
--
~~This is not The Greatest Sig in the World without annoying urls, no. This is just a tribute.~~
permalink · 2008-03-18 13:09:04 · Reply to this

furlonium
Computer Over? Virus equals Very Yes?

join:2002-05-08
Bethlehem, PA

Re: There's more to this

said by firephoto See Profile :

Mr. Nacchio was one of the individuals that stated requests from the Bush administration for warrantless wire taps were taking place before September, 11 2001.
And that has exactly what to do with the topic at hand?

Nothing.

Moving on...
--
»www.myspace.com/intranet

I once had a dream that Sean Connery stayed at my apt., and he had his laptop with Win98 on it, and he knew how to connect to my wireless network. I don't do drugs
permalink · 2008-03-18 17:14:30 · Print · Reply to this

firephoto
KDE
Premium
join:2003-03-18
·Verizon west (ex G..

Re: There's more to this

The topic was about him getting a new trial due to suppressed evidence part of which was related to warrantless wiretaps. That is exactly why it is relevant.

quote:
Nacchio unsuccessfully attempted to defend himself by arguing that he actually expected Qwest's 2001 earnings to be higher because of secret NSA contracts, which, he contends, were denied by the NSA after he declined in a February 27, 2001 meeting to give the NSA customer calling records, court documents released this week show.

...

Nacchio's attempt to depose witnesses and present the classified defense was declined by Colorado federal district court judge Edward Nottingham, a decision that is playing a role in Nacchio's pending appeal to the 10th Circuit Appeals court.
»blog.wired.com/27bstroke6/2007/1···r-p.html
permalink · 2008-03-18 17:20:34 · Print · Reply to this

KrK
Heavy Artillery For The Little Guy
Premium
join:2000-01-17
Tulsa, OK
·AT&T Yahoo
·AT&T DSL Service
·Cox HSI
said by firephoto See Profile :

Mr. Nacchio was one of the individuals that stated requests from the Bush administration for warrantless wire taps were taking place before September, 11 2001.
Interesting, eh? One wonders if only he had "co-operated" maybe he could have avoided this whole messy Insider trading prosecution thing...
--
"Regulatory capitalism is when companies invest in lawyers, lobbyists, and politicians, instead of plant, people, and customer service." - former FCC Chairman William Kennard (A real FCC Chairman, unlike the current Corporate Spokesperson in the job!)
permalink · 2008-03-18 20:32:54 · Print · Reply to this

KrK
Heavy Artillery For The Little Guy
Premium
join:2000-01-17
Tulsa, OK

White Collar crime is the only crime that pays....

...millions.
permalink · 2008-03-18 20:30:37 · Reply to this
ackman

join:2000-10-04
Acworth, GA

How about

putting Bush and Cheney in jail then?
permalink · 2008-03-18 21:18:43 · Reply to this

T1 Rocky

join:2002-11-15
Dallas, TX

Re: How about

$52 million? Is that all? Ed Whitare of SBC/ATT got more than double that as a retirement fund last year.
permalink · 2008-03-19 14:05:53 · Reply to this
mr_dirt

join:2006-02-14
Denver, CO
1 edit

If we're lucky,

Joe will continue following in Ken Lay's footsteps and die real soon.
permalink · 2008-03-21 17:00:43 · Reply to this
Forums » Ex-Qwest CEO's Conviction Overturned

Sunday, 06-Dec 11:26:02 Terms of Use | Privacy Policy | Hosting by www.nac.net - DSL,Hosting & Co-lo | feedback | contact
over 10 years online! © 1999-2009 dslreports.com.