Joseph Nacchio

7 Stories

Ex-Qwest CEO Became BFFs With Drug Offenders in Prison

Paid other inmates to clean his cell with cans of tuna

(Newser) - Former Qwest CEO Joseph Nacchio has emerged from his 54-month prison stint a changed man. The 64-year-old is thinner, healthier, and stronger, thanks to lifting weights and running; he's tanned, shaved his head, and grown a goatee; and his new best friends are a couple of drug offenders named... More »

Ex-Qwest CEO's Conviction Overturned

Exclusion of expert testimony nets Nacchio new trial

(Newser) - A federal appeals court overturned Joe Nacchio’s guilty verdict today and ordered a new trial for the ex-Qwest CEO before a different judge, the Denver Post reports. The court ruled that the district judge who presided over Nacchio's trial on insider trading charges erred in excluding testimony from an... More »

Ex-Qwest CEO Claims Spy Effort Began Before 9/11

Says NSA sought phone records months earlier

(Newser) - Joseph Nacchio, the former CEO of Qwest Communications, claims that the National Security Agency asked his company in February, 2001, to participate in a potentially illegal surveillance program—and when he declined, punished the company by dropping a contract worth hundreds of millions of dollars, reports the Washington Post. The... More »

Ex-Qwest CEO Didn't Foresee Trouble Ahead

Nacchio appeals conviction in $52M insider-trading deal

(Newser) - Former Qwest chief Joseph Nacchio yesterday appealed an insider-trading conviction, claiming he couldn’t have known the telecommunications company was in dire straits when he sold $52 million in stock in 2001. Rebutting a federal court’s guilty finding on 19 counts, the brief asserts Nacchio “believed more than... More »

Top Telecom Exec Takes Over As Qwest CEO

Edward Mueller headed Ameritech, PacBell

(Newser) - A top telecom veteran has been named CEO of struggling Qwest. Edward Mueller, 60-year-old former chief executive of Ameritech and Williams-Sonoma, takes the reins  from Dick Notebaert, who ran the company for five years, the Wall Street Journal  reports. The country's fourth-largest telephone company, Qwest faces increased pressure from competitors... More »

Ex-Qwest CEO Gets 6 Years

Nacchio's insider-trading penalty includes paying $71M

(Newser) - 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... More »

Nacchio Goes Down for Insider Trading

Federal jury convicts former Qwest CEO for dumping company stock

(Newser) - Joseph Nacchio, former CEO of Internet-bubble-blowing telecom Qwest, was found guilty of 19 counts of insider trading by a federal jury in Denver yesterday. Nacchio dumped more than $100 million in Qwest stock in 2001, before the stock imploded over questionable accounting practices. The jury acquitted on 23 other counts. More »

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