Former Qwest CEO Joseph Nacchio faced the wrong side of the law when he was convicted of insider trading and sentenced to six years in prison. However, Nacchio may soon find his sentence reduced due to his recent victory in a federal appeals court, in which the convicted executive successfully argued that there was a miscalculation.
 
In the ruling, the Denver-based appeals court found that the trial judge miscalculated Nacchio’s earnings from the illegal sales of his stock, which may have extended Nacchio’s sentence by several years. While the trial judge found Nacchio’s earnings to top $44.6 million, Nacchio argued that …read more

After unsuccessfully trying to auction it off, Quest Communications International Inc. has decided to hold on to its long-haul network for now. This network transfers large amounts of voice and data between customers, and interestingly enough, it is the service that Qwest was originally created to provide.
 
Qwest employs over 33,000 people and made $681 million in profits last year alone. Because of this, it carries some leverage when entertaining bids. According to Qwest, the company received one unspecified offer for the network and then decided to open a competitive bidding process to see how much it could get. Unfortunately for …read more

Joe Nacchio, the former executive at AT&T and former CEO at Qwest, was told on Tuesday that his six-year prison sentence will begin on April 14th. Nacchio received his sentence after being found guilty on 19 counts of insider trading in 2007.
After being passed over for a promotion within AT&T, Nacchio left for rival Qwest. However, a costly decision in 2001 currently has him heading to prison. In April of that year, Nacchio allegedly sold more than $50 million in Qwest stock after learning that the company wasn’t as financially sturdy as those outside of the company had thought.
In early …read more