Nacchio Must Forefit $52 Million, Go To Jail

By: Associated Press
By: Associated Press
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A federal judge has sentenced former Qwest Communications chief executive Joe Nacchio to six years in prison for his insider-trading conviction.

U.S. District Judge Edward Nottingham also ordered Nacchio to forfeit $52 million in assets he gained in illegal stock sales, and imposed a maximum $19 million fine.

Nacchio was convicted in April of making $52 million in stock sales at a time when he knew Qwest faced financial risk but didn't tell investors.

Nottingham said, "The crimes the defendant has been found guilty of are crimes of overarching greed."

Nacchio declined to testify at his sentencing hearing.

He turned to look at his wife and son and nodded slightly as the sentence was handed down, and son Michael nodded back.

Nacchio used a handkerchief to wipe his eyes as Nottingham discussed his son, David, but was not in tears when the sentence was read.

Nottingham earlier denied a defense motion for an acquittal and for a new trial, dismissing claims that jurors were swayed by damaging pretrial publicity.

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