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
- Fall family fun
- MDHHS announces enhancements to improve substance use disorder treatment access
- Levin Center looks at congressional investigation of torture and mistreatment of war detainees
- State Unemployment Insurance Agency provides tips on how to stop criminals from stealing benefits
- Supreme Court leaves in place Alaska campaign disclosure rules voters approved in 2020
headlines National
- Professional success is not achieved through participation trophies
- ACLU and BigLaw firm use ‘Orange is the New Black’ in hashtag effort to promote NY jail reform
- ‘Jailbreak: Love on the Run’ misses chance to examine staff sexual misconduct at detention centers
- Utah considers allowing law grads to choose apprenticeship rather than bar exam
- Can lawyers hold doctors accountable for wasting our time?
- Lawyer suspended after arguing cocaine enhanced his cognition