Ex-Qwest chief Nacchio reports to prison in Pennsylvania
By Andy Vuong
Tuesday, April 14, 2009
Updated: 04/14/2009 02:46:58 PM MDT
Former Qwest chief executive Joe Nacchio was driven in a dark
SUV with tinted windows to a federal prison today in
for the start of a six-year term.
Nacchio, convicted of illegal insider trading in 2007, was in
the back seat, according to a source.
He arrived at about 11:30 a.m. Eastern time, and was officially
entered into the system as "in custody" at noon, the deadline to
Shortly after his arrival, U.S. Supreme Court Justice Stephen
Breyer denied Nacchio's last-ditch bail request, ensuring that
he'll remain behind bars until at least June, which is when the
high court is expected to decide whether to review his insider
If the Supreme Court grants Nacchio's petition for a review, it
may also issue bail at that time. But only roughly 1
percent of cases are reviewed by the Supreme Court. In
April 2007, a federal jury found Nacchio guilty of selling $52
million in Qwest stock based on private warnings from top
executives that the company was financially struggling. He
has been ordered to forfeit the $52 million in ill-gotten gains
and pay $19 million in fines.
Nacchio attorney Maureen Mahoney contends the case merits a
Supreme Court review, in part, because of questions regarding
the materiality of the private warnings Nacchio received.
Nacchio, 59, still has an appeal pending with the 10th Circuit
Court of Appeals on the six-year prison term and forfeiture
He has also asked for a new trial, contending that new evidence
has emerged related to testimony from former chief financial
officer Robin Szeliga, a government witness during trial.
Andy Vuong: 303-954-1209 or