- The Washington Times - Wednesday, April 15, 2009

DENVER | Two years after his conviction, former Qwest CEO Joseph P. Nacchio reported to a federal prison in Pennsylvania on Tuesday to start a six-year sentence for insider trading while he appeals his conviction to the Supreme Court.

Nacchio, 59, reported to a minimum-security prison camp in Minersville, Pa., about 11:30 a.m., a prison spokesman said. His deadline was noon.

He is inmate No. 33973-013 and will be assigned a job that likely pays 12 to 40 cents an hour, officials said.

Nacchio was convicted in 2007 of 19 counts of insider trading. Prosecutors said he sold $52 million worth of stock in 2001 based on nonpublic information that Qwest Communications International Inc. faced trouble meeting its sales targets. He was acquitted on 23 other counts of insider trading.

Denver-based Qwest is the primary telephone provider in 14 mostly western states.

The Minersville prison camp is a satellite facility of the Federal Correctional Institution, Schuylkill.

Nacchio joins 287 inmates in a dormitory-style unit at the prison camp, which has an outdoor walking track and indoor gym. A typical day starts with breakfast at 6:15 a.m., work at 7:30 a.m. and dinner at 4:30 p.m. Lights out is at 11 p.m.

Nacchio has asked the Supreme Court to review his conviction. Separately, he asked Supreme Court Justice Stephen G. Breyer to let him remain free on bail while he pursues his appeal, but Justice Breyer rejected that request Tuesday.

He still faces a lawsuit by the Securities and Exchange Commission accusing him and others of financial fraud.

Nacchio has been free since his conviction while pursuing his appeals of his conviction and sentence. In addition to serving prison time, Nacchio was ordered to pay $71 million in fines and forfeitures.

LOAD COMMENTS ()

 

Click to Read More

Click to Hide