Ex-Qwest CEO Nacchio reports to prison in Pa.
April 14, 2009
DENVER ” The year before resigning as chief executive officer at Qwest, Joe Nacchio earned almost $2.7 million in salary and a bonus, not including use of a corporate plane.
His new job at a minimum-security federal prison camp in Minersville, Pa., will likely pay no more than 40 cents an hour.
On Tuesday, Nacchio reported to the Federal Correctional Institution, Schuylkill camp around 11:30 a.m. EDT to start a six-year sentence for insider trading while he appeals his conviction to the Supreme Court.
He had been free since he 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 Denver-based Qwest Communications International Inc. faced trouble meeting its sales targets. He was acquitted on 23 other counts of insider trading.
Denver-based Qwest, which merged with U S West in 2000, is the primary telephone provider in 14 mostly Western states.