Nacchio's options dwindle
A federal court denies his bid for bail. Unless the Supreme
Court steps in, he'll enter prison today.
By Andy Vuong
Tuesday, April 14, 2008
A federal appeals court panel denied bail Monday to Joe Nacchio,
prompting the former Qwest chief executive to make a last-ditch
request to the U.S. Supreme Court to avoid going to prison
Convicted on 19 counts of illegal insider trading, Nacchio was
ordered last week by a federal judge to report to a
prison by noon today to begin serving a six-year term.
Nacchio wants to remain free on bail while the Supreme Court
decides whether to review his conviction. To garner bail,
Nacchio has to show, at the very least, that there is a
reasonable chance the high court will take his case.
"Mr. Nacchio has not shown that there is a reasonable chance
that the Supreme Court will grant his petition," a 10th Circuit
Court of Appeals panel wrote in its ruling Monday.
Subsequently, Nacchio filed an emergency request for bail with
Supreme Court Justice Stephen Breyer, who oversees the 10th
Circuit Court of Appeals, according to a Supreme Court
Last week, U.S. District Judge Marcia Krieger denied Nacchio's
bail request and ordered him to surrender to Schuylkill prison
camp in Minersville, Pa., about 46 miles north of Harrisburg.
It appears that's where Nacchio will be headed today.
Nacchio, 59, can be driven to the prison by family and friends,
but no one can accompany him into the prison.
Other than medication, he won't be allowed to bring any
Typically, inmates are given medical and psychological
evaluations upon arrival, said Bureau of Prisons spokeswoman
Selicia Ponce. They then are strip-searched, fingerprinted
and given a housing assignment.
Within a couple of days, Nacchio will be working for 12 cents to
40 cents an hour. He made millions of dollars as chief executive
of Denver-based Qwest from 1997 to 2002.
In 2007, a federal jury found Nacchio guilty of selling $52
million in Qwest stock based on private warnings that the
company was financially deteriorating.
Andy Vuong: 303-954-1209 or