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Nacchio can remain free during appeal

Joe Nacchio, former head of Qwest Communcations, arrives to be sentenced at the federal courthouse with his wife, Anne, and son Michael in Denver, Colo., on July 27. Associated Press (Associated Press / The Spokesman-Review)
Associated Press The Spokesman-Review
Joe Nacchio, former head of Qwest Communcations, arrives to be sentenced at the federal courthouse with his wife, Anne, and son Michael in Denver, Colo., on July 27. Associated Press (Associated Press / The Spokesman-Review)

DENVER — A federal appeals court ruled Wednesday that former Qwest Communications CEO Joe Nacchio can remain free on bond while he appeals his insider-trading conviction.

Nacchio was sentenced to six years in prison on July 27 after a jury convicted him of 19 insider trading counts stemming from the sale of $52 million worth of stock.

His lawyer, Herbert Stern, said Wednesday’s order from the 10th U.S. Circuit Court of Appeals means Nacchio will remain out of prison on the same $2 million bond that was in effect during his trial.

Defense attorneys have said they plan to raise several issues on appeal, including jury instructions, the exclusion of a defense witness’ testimony and U.S. District Judge Edward Nottingham’s decisions related to classified information about Qwest’s business dealings with the government.

At the sentencing hearing, Nottingham had refused to let Nacchio remain free during appeal. The 10th Circuit overturned that order and said Nacchio’s case would be expedited.