WASHINGTON (AP) — The Supreme Court won’t hear an appeal from former Qwest Communications International Inc. CEO Joseph Nacchio seeking an $18 million tax refund on money he gained from illegal stock sales.
The justices on Monday left in place a lower court ruling that said the money was not tax deductible.
Nacchio was convicted in 2007 of selling $52 million in stock of Denver-based Qwest based on inside information.
He was ordered to forfeit $44 million and to pay a $19 million fine. He also was sentenced to five years and 10 months in prison.
Nacchio claimed the $44 million he forfeited was deductible as a business expense or loss and that he should get a refund.
A federal judge agreed, but a federal appeals court in Washington, D.C., overturned that ruling.
- Posted June 14, 2017
- Tweet This | Share on Facebook
High court won't hear appeal from former Qwest CEO
headlines Macomb
- Macomb County Meals on Wheels in urgent need of volunteers ahead of holiday season
- MDHHS hosting three, free virtual baby showers in November and December for new or expecting families
- MDHHS secures nearly 100 new juvenile justice placements through partnerships with local communities and providers
- MDHHS seeking proposals for student internship stipend program to enhance behavioral health workforce
- ABA webinar November 30 to explore the state of civil legal aid in America
headlines National
- This LA lawyer levels up legal protections in the video game industry
- ACLU and BigLaw firm use ‘Orange is the New Black’ in hashtag effort to promote NY jail reform
- Legal champions to receive Spirit of Excellence Award at 2026 ABA Midyear Meeting
- Fake Sullivan & Cromwell entities used by scammers should be dissolved, suit says
- Hackers gained access to ‘small number’ of attorney emails at Williams & Connolly, firm confirms
- Before joining Anderson Kill, judge was accused of rude behavior on bench, retaliatory threats in ethics case
