A U.S. District Judge ordered former Qwest Communications CEO Joe Nacchio to report to a minimum-security prison in Pennsylvania on March 23 to begin serving his six-year sentence for insider trading. The date behind bars will come almost two years after Nacchio initially was convicted of 19 counts of insider trading. He was acquitted on 23 more counts, and has been fighting to have the conviction overturned ever since.
An nine-judge appeals panel last week narrowly upheld the conviction after it had been overturned last year on a split vote by a three-judge appeals panel. An appeal to the U.S. Supreme Court still appears likely. The Securities and Exchange Commission also is still pursuing a fraud lawsuit against Nacchio and fellow former Qwest executives.
- The Associated Press has this report
Nacchio's conviction last week was upheld on a 5-4 vote
Nacchio's conviction was overturned a year ago this month