Ex-Qwest CEO Nacchio to report to prison Tuesday

By: Associated Press Email
By: Associated Press Email

Denver (AP) - Former Qwest CEO Joe Nacchio is scheduled to report to federal prison on Tuesday while awaiting word on whether the Supreme Court will let him stay free during his appeal.

Nacchio has been ordered to report to a prison camp in Minersville, Pa., to start a six-year term.

He was convicted in 2007 of selling $52 million worth of stock based on nonpublic information that Denver-based Qwest faced trouble meeting its sales targets. He was acquitted on 23 other counts of insider trading.

Nacchio asked the Supreme Court to review his conviction. Separately, he has asked the high court to let him remain free on bail while he pursues his appeal.

He also faces a lawsuit by the securities and exchange commission accusing him and others of financial fraud.
(COPYRIGHT 2009 BY THE ASSOCIATED PRESS. ALL RIGHTS RESERVED.)


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