Nacchio to return to million-dollar homes after September release
Posted: 05/19/2013 12:01:00 AM MDT
By Andy Vuong
Joe Nacchio earned more than $200 million in stock sales, salary and bonuses while serving as Qwest CEO from 1997 to 2002.
The Justice Department said in a May 2007 court filing that Nacchio transferred at least $133 million to his wife, Anne Esker, in early 2002 as his legal problems mounted.
Esker is still listed as the owner of a mansion in Jupiter, Fla., valued between $5 million and $7 million, and a $500,000 home in Chester, N.J., according to property records. Nacchio and Esker are also listed as owners of two other homes in New Jersey, valued at $1 million and $2 million.
As part of his 2007 criminal insider-trading conviction, Nacchio paid nearly $64 million in fines and forfeitures. He was billed more than $25 million by the law firm that defended him, although Qwest was on the hook for a portion of his fees. Nacchio has sued the law firm for negligence and overbilling. That case is still pending, according to the New Jersey attorney who filed the suit, Bruce Nagel.
Nacchio, who was sentenced to 70 months in prison, started serving the sentence at a prison camp in mid-April 2009. He was moved to a halfway house in late March after nearly four years behind bars. Nacchio's scheduled release date is Sept. 21, which would take his time served to an end after four years and five months.
A Bureau of Prisons spokesman said Nacchio was able to trim
his sentence through good conduct and by participating in an
intensive residential drug-treatment program.