Update: Watch the 9News report on Joe Nacchio's rejection by the U.S. Supreme Court:
The U.S. Supreme Court has rejected former Qwest CEO Joseph Nacchio's appeal of his 2007 insider trading conviction.
From the AP:
[Nacchio] contended the jury was given improper instructions about what internal information had to be disclosed publicly. He also argued that the trial judge improperly barred testimony from an expert who could have explained Nacchio's trading patterns.
The Wall Street Journal adds:
The high court, without comment, left in place a lower court ruling that upheld Nacchio's conviction on 19 counts of insider trading. The justices previously rejected an emergency appeal from Nacchio in April.
Naccio is accused of selling $52 Million in Qwest shares while he had knowledge of financial problems the company was facing.
In July, the Denver-based 10th U.S. Circuit Court of Appeals overturned Nacchio's sentencing based on a miscalculation of the profits he gained from the transactions in question. From the Denver Post:
He argued in his appeal that he should have received a sentence ranging from 41 months to 51 months because his actual gain on the illegal insider trades was $1.8 million.