Joe Nacchio Expected To Leave Halfway House
DENVER (CBS4) – Former Qwest CEO Joe Nacchio is expected to leave a halfway house Saturday after trimming his federal sentence.
Nacchio was convicted of 19 counts of insider trading in 2007. He sold Qwest stock based on insider information about the company’s deteriorating financial position.
Nacchio was sentenced to nearly 6 years in prison, fined $19 million and ordered to forfeit more than $44 million in stock gains.
Nacchio is being released early because of good behavior.