Former Qwest CEO Joe Nacchio Heads To Prison

This will surely go down as one of the biggest scandals in telecom history. After a years-long court battle that spanned various appeals and verdict reversals, former Qwest CEO Joseph Nacchio has reported to minimum-security prison to serve a six-year sentence for insider trading.

In 2007, Nacchio was convicted of 19 counts of insider trading based on selling $52 million worth of stock based on nonpublic information that Denver-based Qwest faced trouble meeting its sales targets, AP reported. He was acquitted on 23 other counts of insider trading.

Nacchio reported to a Pennsylvania prison after a federal appeals court denied his emergency request to remain free while the U.S. Supreme Court considers whether to review his case, Reuters reported. In addition to his federal prison term, he was fined $19 million and ordered to forfeit the entire $52 million cash hoard he made from the insider sales. He still faces a lawsuit by the SEC that accuses him and others of financial fraud, according to AP.

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