Nacchio Gets Six Years in Prison, Must Repay $52 Million
7/31/2007 11:11  Resource:Xchange Online  Author£ºXchange Online

    Joe Nacchio, Qwest Communications International Inc.¡¯s embattled former CEO, was sentenced July 27 to six years in prison.

    A federal judge on Monday also ordered Nacchio to repay $52 million within 15 days, pay a $19 million fine, cover most legal costs and serve two years of probation in addition to his prison time. Nacchio must report to federal prison ¨C once one is selected ¨C within 15 days.

    Qwest has been footing Nacchio¡¯s legal bills so far, but now has said it will only cover some of the expenses. Nacchio could end up paying anywhere between $25 million and $75 million.

    Prosecutors had requested a sentence of seven years and three months, in addition to financial penalties. Nacchio¡¯s attorney plan to appeal the six-year sentence.

    Nacchio was convicted in April of illegally selling $52 million in stock to investors in 2001.

          
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