DENVER (AP) — A federal judge in Denver has denied former Qwest CEO Joseph Nacchio’s request for a new trial on insider trading charges.
Nacchio was sentenced in 2007 to six years in prison and ordered to pay $71 million. Prosecutors said he sold $52 million worth of stock in 2001 while knowing that Denver-based Qwest Communications International Inc. risked missing its publicly stated sales targets.
Nacchio argued he deserved a new trial because former Qwest Chief Financial Officer Robin Szeliga gave recent testimony in a civil case that differed from testimony she gave at Nacchio’s criminal trial.
U.S. District Judge Marcia Krieger ruled Tuesday that the testimony wasn’t substantially different and probably wouldn’t lead to an acquittal.