Feeds

Former Qwest CEO headed to prison

Dot-com, insider-trading stir

Secure remote control for conventional and virtual desktops

Qwest International's former chief executive is finally heading to jail, nearly two years after being found guilty in a massive case of insider dealing.

Joseph Nacchio is expected to today report to a minimum-security prison in Pennsylvania after a federal appeals court denied his emergency request to remain at liberty while the US Supreme Court considered whether to review his case over dot-com insider trading.

The chances of the Supreme Court Justices actually taking Nacchio's case are extremely slim, and a federal appeals court ordered him to report to the Penn-State Big House as he'd not shown that there was a reasonable chance the Supreme Court would grant his petition for an appeals hearing.

Nacchio was handed a six-year prison sentence in April 2007 having been found guilty on 19 counts of insider trading. The former CEO was also fined $19m and ordered to forfeit $52m in profits from the sales of Qwest stock.

The US Securities and Exchange Commission had alleged 42 counts of insider trading, saying he'd sold $101m in stock after discovering that the telco faced major financial risks.

The SEC had accused Nacchio and six other Qwest executives of inflating earnings by up to $3bn between 1999 and 2002. In 2004, Qwest agreed to settle fraud charges by paying a $250m fine.

Nacchio's conviction was initially overturned by a three-judge panel in 2008, but then re-instated in February this year by a federal appeals court. ®

Secure remote control for conventional and virtual desktops

More from The Register

next story
The 'fun-nification' of computer education – good idea?
Compulsory code schools, luvvies love it, but what about Maths and Physics?
Ex-US Navy fighter pilot MIT prof: Drones beat humans - I should know
'Missy' Cummings on UAVs, smartcars and dying from boredom
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
'Cowardly, venomous trolls' threatened with TWO-YEAR sentences for menacing posts
UK government: 'Taking a stand against a baying cyber-mob'
Sysadmin with EBOLA? Gartner's issued advice to debug your biz
Start hoarding cleaning supplies, analyst firm says, and assume your team will scatter
Doctor Who's Flatline: Cool monsters, yes, but utterly limp subplots
We know what the Doctor does, stop going on about it already
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Cloud and hybrid-cloud data protection for VMware
Learn how quick and easy it is to configure backups and perform restores for VMware environments.
Three 1TB solid state scorchers up for grabs
Big SSDs can be expensive but think big and think free because you could be the lucky winner of one of three 1TB Samsung SSD 840 EVO drives that we’re giving away worth over £300 apiece.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.