Former Qwest CEO Joseph Nacchio to Reside in Pennsylvania Gated Community
Joseph Nacchio has been ordered to report to a federal prison in Minersville, Pennsylvania, later this month to begin serving a six-year sentence on 19 counts related to felony insider trading during his days as the CEO of Qwest Communications International Inc. That's according to several news organizations, including the Denver Business Journal, which notes that word of Nacchio's new accommodations comes one week after the U.S. 10th Circuit Court of Appeals reinstated his 2007 conviction for selling $52 million in Qwest shares in 2001 while failing to let investors know the company was on shaky financial ground. Nacchio got into hot water at a time when the feds were pursuing several high-profile corporate executives in the wake of scandals at companies like Enron and Worldcom, writes The Associated Press. Even as he begins his sentence, Nacchio still faces a federal lawsuit alleging financial fraud, according to 9News. Nacchio has aged in the last decade of ups and downs, as you'll see in this Denver Post slideshow.
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