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En banc Tenth Circuit reinstates insider trading conviction of former Qwest CEO Nacchio

By Douglas A. Berman

Though not technically a sentencing ruling, the white-collar sentencing world should surely take note of the Tenth Circuit's decision today, via a 5-4 en banc ruling, to reinstate Joe Nacchio's federal criminal insider trading conviction.  This post from the WSJ Law Blog provides some details (noting some sentencing realities) and useful links: In a squeaker of a decision, the full Tenth Circuit earlier today upheld former Qwest CEO Joseph Nacchio insider trading conviction, offering another setback to the former telecom high flyer?s attempt to reverse a jury?s decision in 2007.  The court also revoked his bail, so Nacchio is likely headed to prison in the near future. Click here for the ruling; here for the Denver Post?s account. Nacchio was convicted nearly two years ago of 19 counts of insider trading for selling off Qwest?s stock even as he knew the Denver-based telecom company?s finances were heading south...continue to full post

Full post as published by Sentencing Law and Policy on February 25, 2009 (boomark / email).