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Former Qwest CEO Joe Nacchio completes his prison sentence.
September 21, 2013
Former Qwest CEO Joe Nacchio was officially released from U.S. Bureau of Prisons oversight on Friday, roughly four years and five months after he entered a federal prison camp to serve a 70-month term for illegal insider trading.
The Bureau of Prisons website shows that Nacchio became a
free man Friday, one day before his previously scheduled
release date. He had been under home detention since May
after transferring to a halfway house in March. He entered a
prison camp in
Nacchio was convicted of illegal insider trading in 2007
for selling $52 million in Qwest stock in 2001 on the basis
of nonpublic information about the
What’s next for Nacchio? He declined comment for an article I wrote recently on the topic.
“Mr. Nacchio has advised me that insofar as he has not yet concluded his sentence, he is not, at this time, granting interviews or making commitments for same,” said his attorney, Thomas Gentile.
Other former white collar criminals have gone on to write books, enter the public speaking circuit and rejoin the corporate world
Joe Nacchio outside federal court in
A settlement with the SEC tied to a civil fraud lawsuit bars Nacchio from serving as a director or officer of a publicly traded company.
Nacchio’s former lieutenant’s have taken different career
paths since leaving Qwest. One invests in startups, while
another launched his own in
The Association of US West Retirees, whose members were vocal critics of Nacchio, is scheduled to dissolve at the end of 2013.
Qwest was acquired by Monroe, La.-based CenturyLink in
2011. While the CenturyLink name sits atop Qwest’s
once-iconic headquarters building at