OK, now Nacchio really is going to prison
Posted by Al Lewis
on April 07, 2009
The on-again, off-again prison sentence for former Qwest CEO Joe Nacchio is back on again.
On Tuesday, U.S. District Judge Marcia Krieger ordered Nacchio to begin his six-year prison sentence on April 14.
Nacchio was last ordered to report to the Schuylkill Federal
Correctional Institution in
The Nacchio saga has been a long, strange trip through the legal system.
First, Nacchio was convicted on 19 counts of insider trading. Then he won a new trial on appeal. Then the appeals court held a rare “en banc” hearing and reversed itself. Then Kreiger cut him some slack on his prison date as he filed a petition for the Supreme Court to considering. Now, she’s sticking him in the pen.
The stock sales for which Nacchio was convicted date back to 2001. This has been going on for so long, it’s hard to imagine Nacchio behind bars. His options, however, appear to be running out.