AUSWR
The Association of U S West Retirees
 

 

 

OK, now Nacchio really is going to prison

DowJones Newswires

Posted by Al Lewis on April 07, 2009
Embattled Execs

nacchioThe 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 Minersville, Pa on March 23, but Krieger eased that order as she considered Nacchio’s bid for a U.S. Supreme Court hearing. Click here to see previous column on Nacchio’s Supreme Court bid.

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.