Feeds

Former Qwest CEO headed to prison

Dot-com, insider-trading stir

Build a business case: developing custom apps

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. ®

Build a business case: developing custom apps

More from The Register

next story
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Amazon says Hachette should lower ebook prices, pay authors more
Oh yeah ... and a 30% cut for Amazon to seal the deal
Philip K Dick 'Nazi alternate reality' story to be made into TV series
Amazon Studios, Ridley Scott firm to produce The Man in the High Castle
Nintend-OH NO! Sorry, Mario – your profits are in another castle
Red-hatted mascot, red-colored logo, red-stained finance books
Sonos AXES support for Apple's iOS4 and 5
Want to use your iThing? You can't - it's too old
Joe Average isn't worth $10 a year to Mark Zuckerberg
The Social Network deflates the PC resurgence with mobile-only usage prediction
Chips are down at Broadcom: Thousands of workers laid off
Cellphone baseband device biz shuttered
Feel free to BONK on the TUBE, says Transport for London
Plus: Almost NOBODY uses pay-by-bonk on buses - Visa
Twitch rich as Google flicks $1bn hitch switch, claims snitch
Gameplay streaming biz and search king refuse to deny fresh gobble rumors
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
The Essential Guide to IT Transformation
ServiceNow discusses three IT transformations that can help CIO's automate IT services to transform IT and the enterprise.
Maximize storage efficiency across the enterprise
The HP StoreOnce backup solution offers highly flexible, centrally managed, and highly efficient data protection for any enterprise.