Qwest's former CEO was sentenced to 6 years in prison today for engaging in insider trading while the company's stock plummeted. Joseph Nacchio committed "crimes of overarching greed,'' a federal judge in Denver said as he fined him $19 million in addition to the $52 million he must forfeit, then denied Nacchio's request for both probation and bail.
A jury convicted Nacchio, 58, on 19 counts of insider trading in a scandal that nearly brought down what was then the country's fourth-largest telecom. He was charged with selling $52 million worth of Qwest shares in just over a month in 2001 after he learned of impending revenue shortfalls. He declined comment as he left the courthouse.