Getting your player ready...
Attorneys for imprisoned former Qwest chief executive Joe Nacchio filed another brief Tuesday with the Supreme Court, arguing that the standards used to convict Nacchio on charges of illegal insider trading risk putting every top executive in jail.
“If the 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,” attorneys for Nacchio argued.
Exaggeration during an internal pep talk is not the same as insider trading, argued the attorneys, who are trying to get a hearing before the Supreme Court to reverse Nacchio’s conviction.
