Too bad he wasn't caught with marijuana: Ex-Qwest CEO Nacchio gets six years in prison

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Ex-Qwest CEO Nacchio gets six years in prison
By SANDY SHORE (AP Business Writer)
From Associated Press
July 27, 2007 5:21 PM EDT

DENVER - Joe Nacchio stood quietly in a packed courtroom Friday as a judge told the former Qwest Communications chief his $52 million in illegal stock sales represented crimes of "overarching greed" and ordered him to prison for six years.

With Qwest shareholders and retirees among those watching, U.S. District Judge Edward Nottingham also said Nacchio must forfeit $52 million in assets - representing his profit on the sales - plus fines and assessments totaling $19.2 million.

"The crimes the defendant has been found guilty of are crimes of overarching greed," Nottingham said.

Nacchio had family in New Jersey and a good job there that paid well, but he took the job at Qwest "because he couldn't turn it down," Nottingham said.

"I would bet anything Mr. Nacchio ... wishes he would have walked away from Qwest in January 2001 when he had a chance to do so," he said.

After the sentence was read, Nacchio nodded briefly toward his wife, Anne, and son Michael. He did not comment as he, his family and attorneys left the courthouse and rode away in SUVs that had been waiting out front.

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