Someone Is Actually Going to Jail for Insider Trading

Posted by Keith Hahn, Jul 30, 2007, 2:42pm

nacchio 2.JPG Joseph Nacchio, former almost brother of Karate Kid idol and Qwest CEO, was sentenced to 6 years in prison for making $52 million by dumping Qwest stock when he knew his company was on a special tanking Qwest. Nacchio was convicted in April. The icing on the sentencing cake, from the New York Times:

Judge Edward Nottingham of United States District Court also ordered Mr. Nacchio to forfeit $52 million in assets he gained in illegal stock sales, imposed a maximum $19 million fine and ordered him to serve two years’ probation after serving his sentence.

Whether Nacchio's new home will be a federal "pound me in the ass" prison (or the TV edit, "pound me into ash prison"), remains to be seen. Whether Nacchio's lawyers will come up with something more clever in appeals than a tainted jury from pretrial publicity also remains to be seen.

Ex-Qwest Chief Gets 6-Year Sentence [New York Times]

(Note: The following is what happens when our graphics intern leaves and I am left to render artistic interpretations in Paint)

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Posted in: Insider Trading

Comments

Posted by anonymous, Jul 30, 2007 3:05PM

Damn, that post was painful: the lame wit, the writing, the graphics.

Posted by Jamie.BuchersGhost, Jul 30, 2007 3:16PM

Anon 3:05pm.....

"the lame wit"....not an office space fan eh?

or maybe u just don't get it

Posted by bizwriter, Jul 30, 2007 5:06PM

will grasso don black tie to visit ol' pal joey in the can?

Posted by Alexander Graham Bell, Jul 30, 2007 5:37PM

You little puppy bankers won't recall that Joe used to do television commercials for ATT...or Mountain Bell ...or whatever it was back then. He was a BSD, hotshot, gunslinger, ad nauseum whatever way back then.

Someone needs to tell Joe that the first week you're in a Fed pen, the other inmates steal your socks (white) because you get the socks issued to you before the lock for your locker. So I'm told.

Posted by nm, Jul 30, 2007 5:53PM

As a Harvard educated ex-banker, you should probably try powerpoint instead.

Posted by Zbignew, Jul 30, 2007 6:50PM

You either have to a) have really pissed off the wrong people, or b) have the worst defence counsel in history to get sent to the slammer for insider trading.

Mr. Nacchio was obviously off the curve on his campaign contributions.

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