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Six Years for Qwest's Joe Nacchio

By Jeralyn, Section Crime in the News
Posted on Fri Jul 27, 2007 at 02:41:11 PM EST
Tags: Joseph Nacchio (all tags)
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Former Qwest CEO Joseph Nacchio, convicted of insider trading, today was sentenced to six years in prison, fined $19 million and ordered to forfeit $52 million to the Government.

He was granted a voluntary surrender and will report to the designated facility within 15 days of designation. He was denied an appeal bond.

More here, including my take:

Joe Nacchio suffered a supreme fall from grace today. He didn’t get off lightly. The Judge, to his credit, resisted the Government’s request to max him out and flatten him like a pancake. We are all greater than the sum of our misdeeds, including Joe Nacchio.

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    Six Years for Qwest's Joe Nacchio | 4 comments (4 topical)

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    not enough (5.00 / 1) (#2)
    by eric on Fri Jul 27, 2007 at 03:11:44 PM EST
    $52 million isn't enough.  He should be ordered to pay everything he has.  He threw Quest down a sewer and thousands of people suffered.  No only the shareholders but the employees and even the customers.

    It's pretty typical (none / 0) (#1)
    by Deconstructionist on Fri Jul 27, 2007 at 03:07:13 PM EST
      for many judges to impose sentences at the bottom of the applicable guideline range even when the government is pressing for the top of the range. I'm not familaiar with this judge and I assume you are. Is this out of character for this judge?

    I deleted (none / 0) (#3)
    by Jeralyn on Fri Jul 27, 2007 at 11:33:55 PM EST
    one comment with profanity and two about restitution which reprinted the statute.

    There was no order of restitution. There was a $19 million fine and a $52 million criminal forfeiture order.

    Civil suits by the SEC are still pending against Nacchio and others.

    Also, I just read the court's sentencing minutes and the Judge did recommend the camp at Schuylkill, PA rather than the FCI.

    I'd have spent the last 5 yrs in the pen (none / 0) (#4)
    by seabos84 on Sat Jul 28, 2007 at 05:49:30 AM EST
    while this trial went on -

    UNLESS I lucked into a top notch free lawyer -

    yawn.

    I've picked up that your standards are what should the system work like for all of us, BUT

    I look at what would have happened to me the little peee-on.

    I'd have been hanging high, I wish they'd hang him higher.

    Aside from base retribution -

    misdeeds and crimes at the top ROT society much, much, much worse than what us chumps in the bottom 85% steal -

    when we the chumps steal, the damage is just about always pretty local (this does NOT make it excusable) -

    versus when those at the top steal -

    it comes outta everyone's pocket, AND

    everyone sees that the way to make the game work is to game the system.  the system ain't got a chance at working if everyone with any pull is gaming it all the time.

    rmm.

    Six Years for Qwest's Joe Nacchio | 4 comments (4 topical)

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