LOS ANGELES (Reuters) -- A federal judge Wednesday ordered ex-Qwest Communications International Inc. Chief Executive Joseph Nacchio to report to prison in Pennsylvania by March 23 to begin serving a sentence for insider trading.Nacchio will serve the six-year prison term at the minimum-security satellite prison camp at Minersville, Pa., according to an order by U.S. District Judge Marcia Krieger.
A jury convicted Nacchio in 2007 on 19 counts of insider trading for illegally selling $52 million worth of stock six years earlier, after company insiders warned him that Qwest (Q, Fortune 500) could not meet its financial targets.
A three-judge appeals panel of the 10th U.S. Circuit Court of Appeals threw out the convictions last year. But the full appeals court reinstated the conviction and Nacchio's six-year prison sentence last week.
Read More
