Judge Orders Nacchio to Report to Prison

By: Associated Press Email
By: Associated Press Email

A Judge has ordered former Qwest Ceo Joe Nacchio to report to a Federal Prison in Pennsylvania on March 23 to begin serving a six-year term for insider trading.

Denver U.S. District Judge Marcia S. Krieger on Wednesday told Nacchio to Report to a Prison Camp In Minersville, Pa.

A jury convicted Nacchio in 2007 of 19 counts of insider trading while acquitting him on 23 counts of the same charge. Federal Prosecutors alleged Nacchio sold $52 Million worth of
stock at a time when he knew Denver-Based Qwest Communications International Inc. was at risk while other investors did not.

His conviction was first overturned but then upheld by an Appeals Court. His attorney has indicated an appeal To The U.S Supreme Court Is Likely.

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