Joseph Nacchio, former Qwest CEO and convicted insider trader, can’t claim surrendered proceeds from illegal Qwest stock trades as a nearly $18 million tax deductible business expense, a federal appeals court ruled.
The U.S Court of Appeals for the Federal Circuit reversed a lower court’s ruling and rejected Nacchio’s bid claim the large federal income tax deduction on $44.6 million he forfeited as part of his 2007 criminal conviction on 19 felonies.
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