Former Qwest Communications Chief Goes To Prison
DENVER, July 27 — A federal judge on Friday sentenced Joseph P. Nacchio, the former chief executive of Qwest Communications International, to six years in prison in what prosecutors called the largest insider-trading case in history. The judge in the case, Edward W. Nottingham, also ordered Mr. Nacchio to pay a fine of $19 million and forfeit $52 million he earned from illegal stock sales in 2001. Mr. Nacchio was convicted by a federal jury in April on 19 of 42 counts of insider trading.
Judge Nottingham denied Mr. Nacchio’s request for bail pending an appeal, and Mr. Nacchio will have to present himself within 15 days after the federal Bureau of Prisons determines where he will serve his sentence, a process that can take up to 45 days.
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