Nacchio to prison for six years

[El Supremo]

Source: The denver Post

A federal judge this morning ordered former Qwest chief Joe Nacchio to serve six years in prison and to pay $71 million in fines and forfeitures for illegal insider stock trades he made in 2001.

U.S. District Judge Edward Nottingham also ordered Nacchio to pay $19 million in fines and to forfeit $52 million he made from the stock trades. Nacchio will also have to spend two years in supervised release once he finishes his prison term.

Nacchio's request to be released on bond pending an appeal of his conviction was denied.

Read more: http://www.denverpost.com/ci_6478949

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Too bad Johnny Cochran died.

[wakeme2008]

1. but will Joe Nacchio die before going to jail

I would have even money on that ...

[Gman]

3. Joe Nachio loves his self too much

for that to happen. I met him a few times when he was with the old AT&T. I've never met a bigger and more complete ass in my life. This guy was thoroughly convinced his sh*t was not malodorous in any form or fashion and you were a piece of crap in his way.

My money would go on the likelihood that he still thinks he didn't do anything wrong despite $71 million in fines and a 6 year sentence.

[wakeme2008]

7. But IMHO Lay is not in the ground and Joe will try to do a Lay

:shrug:

[BrotherBuzz]

17. It's hard to do a 'Lay' when bond is denied and you're stuck in the pokey

You know what I mean, Vern?

[wakeme2008]

18. But Vern he is still FREE

from the OP link

"It is expected to take the U.S. Bureau of Prisons between 30 and 45 days to determine where he will do his time. Once the decision is made he will have 15 days to report to jail."

[BrotherBuzz]

19. His request to be released on bail pending an appeal of his conviction was denied.

I interpreted that he was already in custody in a county pokey until they decide which Federal Club he will be sent to. I will read more diligently in the future. ;)

[Lautremont]

2. And he was so good in 'The Karate Kid.'

[RUMMYisFROSTED]

20. And he'll burn the roof of your mouth if you're not careful.

[DrDan]

4. I remember when this guy was with AT&T

good heavens - he was lucky not to go to jail then with the stunts he pulled. Anything for a sale - legal or not.

[On the Road]

6. Now That is Interesting

Was he in sales? Can you elaborate? Local phone companies are not usually hotbeds of illegality.

[DrDan]

8. yes he was

Vice Pres

and it was at the time of deregulation - lots of laws surrounding switching of customers to AT&T service

on edit - perhaps not a VP (can't remember) - maybe the President of the consumer sales.

on second edit - just double-checked - he was President of Business Communications Services (I swear he had a role in Consumer services as well)

[On the Road]

10. People in Those Positions Generally Switch Jobs a Lot

Business would be less surprising. Lots of opportunity for backroom deals with large customers and RFPs.

[DrDan]

12. well - not so much back in the old AT&T days

People came up through the ranks - and stayed in jobs for years.

After dereg - it all changed. The slimy part of sales surfaced - and people like Nacchio got a lot of attention because they could find "unique" ways to generate revenue - and the execs turned their backs because these guys made the quotas - and everything centered on quarterly numbers.. I worked international - and the "deals" there were more creative.

[donkeyotay]

15. I was on the receiving end of one of those unique ways of generating revenue

I coughed up my $6.95 or so - along with who knows how many other people - to discontinue long distance service on a phone that didn't have long distance service. Of course, I didn't know anything about it until they sent me a letter. They told me they couldn't guarantee it wouldn't happen again unless I sent them a letter. The phone wasn't good enough for them.

[PassingFair]

5. He was also the only telecom executive NOT to turn info over the the NSA.

Coincidence?

[indepat]

9. Wow, Nacchio didn't fare as well as Larry Ellison if memory serve me well

[DavidDvorkin]

11. Maybe he'll find out just how macho he is

I assume he made up the "macho" nickname himself. "Hi. I'm Ralph Macho Nacchio."

[Bluestar]

13. So happy that he's getting his due. I remember him when he was on the board

of the company I worked for--KPMG Consulting. The CEO was all enamored of him and constantly praising his "business acumen". It's not difficult to be successful in business if you are willing to break the law.

[Warren Stupidity]

14. Libby: 0 days. nt.

[sarcasmo]

16. I thought he was good in the Karate Kid.