Prison Time Trimmed For Former Qwest CEO Nacchio
DENVER (AP) – Federal prison records show former Qwest CEO Joe Nacchio is now projected to be released Sept. 21 after serving time for 19 counts of insider trading.
The Denver Business Journal reports Nacchio trimmed his sentence with good behavior.
In 2007, Nacchio was convicted of selling Qwest stock based on nonpublic information about the Denver-based telecommunications company’s deteriorating financial condition. After he appealed how his sentence was calculated, a judge ordered a sentence of five years and 10 months in prison, plus $19 million in fines and $44.6 million in forfeitures.
Nacchio was recently transferred from the minimum-security Lewisburg prison camp in central Pennsylvania to a halfway house in the New York area, according to a report in the Denver Post.
Monroe, La.-based CenturyLink purchased Denver-based Qwest in 2011.
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