Former Qwest CEO Joe Nacchio moved from prison to halfway house
Posted: 04/01/2013 05:39:45 PM MDT
By Andy Vuong
(Hyoung Chang, The
Former Qwest CEO and
convicted felon Joe Nacchio is wrapping up more than four
years in prison at a halfway house in the
Scheduled for release in
September, Nacchio was recently transferred from the
minimum-security Lewisburg prison camp in central
According to the Federal
Bureau of Prisons, Nacchio has been assigned to a
residential reentry center, or a halfway house, that is
overseen by a community corrections management field office
Residential reentry centers
provide assistance to inmates who are nearing release. A
reason wasn't provided for Nacchio's initial transfer from
Inmates are typically required to work while assigned to a halfway house, and 25 percent of their gross income is set aside to pay for housing costs, according to the bureau.
Nacchio, who turns 64 in June,
was convicted in 2007 on 19 counts of illegal insider
trading connected to his sale of $52 million in Qwest stock.
A federal jury in
Nacchio claimed the sales were proper and that he believed at the time that the company's prospects were bright.
The Brooklyn-born Nacchio, who resided in Mendham, N.J, before entering prison, was initially sentenced to six years. A federal judge cut the sentence by two months after an appeal. Nacchio also was ordered to pay $19 million in fines and $44.6 million in forfeitures.
Federal inmates are typically required to serve at least 80 percent of a sentence, though the term could be trimmed for good behavior and other factors. As of Monday, Nacchio's projected release date is Sept. 21, bringing his time served to an end after four years and five months.
Nacchio served as CEO of Denver-based Qwest from 1997 to 2002, leading the fiber-optic network operator's meteoric rise during the tech boom as well as its near collapse into bankruptcy following the tech bust and amid an accounting scandal toward the end of his tenure.
Qwest acquired US West in 2000 in a deal valued at more than $40 billion to become one of the nation's largest telecommunications companies. Monroe, La.-based CenturyLink purchased Qwest in 2011.
Andy Vuong : 303-954-1209, email@example.com or fb.com/byandyvuong