Nacchio: Case Never Should Have Gone To Trial Former Qwest CEO Convicted Of Insider Trading

[babsbunny]

http://www.thedenverchannel.com/news/19703593/detail.html

POSTED: 11:44 am MDT June 9, 2009
UPDATED: 12:53 pm MDT June 9, 2009

DENVER -- Lawyers for former Qwest CEO Joseph Nacchio filed a brief Tuesday rebutting federal prosecutors who oppose a Supreme Court review of Nacchio's insider trading conviction, saying he never should have been prosecuted in the first place.

In response to a brief the government filed last month, Nacchio's lawyers wrote that the alleged insider information cited by prosecutors referred to immaterial internal predictions that didn't have to be publicly disclosed.

Nacchio's lawyers argue that "if the internal debates and predictions underlying this prosecution count as 'material inside information' then no company or executive can buy or sell stock, ever, without risking capricious criminal prosecution."

[Catshrink]

1. Of course not

CEOs are above the law.

[barbtries]

2. this is the guy

who didn't want to play with the NSA? IIRC this was a political prosecution all the way. on a par with don siegelman. just don't know all the details.

[DBoon]

3. yup

the insider trading accusation involved a government contract mysteriously canceled right after the executive sold lots of stock

[hootinholler]

4. Yep. That's the guy. n/t

[indepat]

5. Surely AJ Holder will assure timely justice under the rule of law

:P