Former Qwest Communications chief executive Joe Nacchio will be reporting to prison within two months after a judge sentenced him to six years for making 52 million dollars in illegal stock sales.
U.S. District Judge Edward Nottingham denied Nacchio's request that he be granted bail while he appeals his conviction.
Prosecutor Cliff Stricklin says it typically takes up to 45 days for the Bureau of Prisons to select a facility, with Nacchio having 15 days to report once a federal prison is chosen for him.
Nottingham also ordered Nacchio to forfeit 52 million within 15 days, imposed a maximum 19-million-dollar fine, and ordered him to serve two years' probation after serving his sentence.
Nacchio's stock sales were happening while a multi-billion dollar accounting scandal brought the Denver-based telecommunications company to the brink of bankruptcy.
Nacchio declined a chance to testify during the hearing, but approached the bench at the very end and said he wanted to speak with the judge.
Nottingham told him he'd had his chance.
Nacchio promised it would be respectful.
The judge then recessed the trial, leaving Nacchio standing there.
KKTV firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKTV 11 News.
If you believe that any of the comments on our site are inappropriate or offensive, please tell us by clicking “Report Abuse” and answering the questions that follow. We will review any reported comments promptly.powered by Disqus