DENVER (AP): Joe Nacchio, the former Qwest Communications chief who was forced to resign during a multibillion-dollar accounting scandal, was sentenced to six years in prison for illegally selling $52 million (euro38.09 million) in stock while not telling investors that his telecommunications company faced serious financial risks.
Nacchio was ordered Friday to forfeit the $52 million (euro38.09 million) within 15 days. He received a maximum $19 million (euro13.92 million) fine and two years' probation after he serves his sentence. Once a federal prison is chosen for him, he is to report within 15 days. He was denied bail while he appeals his conviction.