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En Banc Tenth Circuit Upholds Conviction of Former Qwest CEO
The Tenth Circuit Court of Appeals, after an en banc rehearing, upheld the insider trading conviction of Joseph P. Nacchio, the former CEO of Qwest Communications International, Inc. (“Qwest”). United States v. Nacchio, 555 F.3d 1234 (10th Cir. 2009). In 2007, Mr. Nacchio was convicted, after a District of Colorado jury trial, of 19 counts of insider trading. He was sentenced to six years of imprisonment, two years of supervised release, a $19-million fine, and $52 million in forfeiture.
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