Joseph P. Nacchio, ex-CEO of Qwest Communications, caught a break last year when a Tenth Circuit panel tossed his conviction on charges he traded on inside information. The panel voted 2-1 to send the case back for a new trial on the ground that the trial judge improperly excluded testimony about Nacchio's trading patterns. The evidence, Nacchio argued, would have given an innocent explanation for the timing of his $52 million in Qwest stock sales.
The full court decided to consider the appeal. Yesterday, it vacated the reversal and affirmed the conviction. United States v. Nacchio, No. 07-1311 (10th Cir. Feb. 25, 2009) (en banc)
Blawgletter notes the small irony that the trial judge, Edward Nottingham, resigned last year after the Tenth Circuit investigated allegations that he did things like getting blind drunk in public and cavorting with prostitutes.
