Former Qwest CEO Nacchio Ordered to Report to Prison by March 23

On Wednesday, U.S. District Judge Marcia Krieger ordered ex-Qwest Communications International Inc. CEO Joseph Nacchio (pictured) to report to prison by March 23 to begin serving his six-year sentence for insider trading.  Nacchio is to serve the sentence at the minimum-security prison camp at Schuylkill federal prison at Minersville, Pennsylvania, according to Reuters.

Nacchio was convicted in 2007 on 19 counts of insider trading for illegally selling $52 million worth of stock six years earlier, after company insiders warned him that Qwest could not meet its financial targets, Reuters reports.  Although the conviction was originally overturned by the Tenth Circuit Court of Appeals, a full panel of that circuit reinstated the conviction and Nacchio’s six-year prison sentence last week.

Nacchio will reportedly ask the U.S. Supreme Court to review the case.

Read the Reuters article

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