Nacchio settles with SEC, faces no extra fine
September 4, 2010
Convicted former Qwest CEO Joe Nacchio, serving a nearly
six-year prison term for insider trading at the Denver telecom, has reached a settlement
agreement with the
U.S. Securities and Exchange Commission
over a related civil lawsuit against him, subject to a judge's
News reported late Friday that a settlement deal has been
submitted by the SEC to U.S. District Judge Marcia Krieger in
for her approval.
The agreement calls for no civil penalty against Nacchio "in
light of the sanctions ordered in the related criminal case,"
and does not call for Nacchio to admit guilt. It does bar
Nacchio from acting again as an executive of a public company.
61, was convicted in 2007 of profiting from inside information
when he sold $52 million of his shares in
Qwest Communications International Inc.
(NYSE: Q). Other investors and retirees later lost millions as
the stock plummeted.
a small adjustment to his sentence after a series of appeals,
Nacchio is now serving a 70 month term in federal prison in Minersville, Pa.
The length of his sentence is still under appeal.
He also was fined $19 million and paid forfeiture of $44.6
Under the SEC settlement, Nacchio waives his right to appeal the
$19 million fine.
The SEC case is U.S.
v. Nacchio, 1:05-cv-00480, U.S. District Court, District of