Joe Nacchio, Qwest Communications International Inc.s embattled former CEO, was sentenced July 27 to six years in prison.
A federal judge on Monday also ordered Nacchio to repay $52 million within 15 days, pay a $19 million fine, cover most legal costs and serve two years of probation in addition to his prison time. Nacchio must report to federal prison once one is selected within 15 days.
Qwest has been footing Nacchios legal bills so far, but now has said it will only cover some of the expenses. Nacchio could end up paying anywhere between $25 million and $75 million.
Prosecutors had requested a sentence of seven years and three months, in addition to financial penalties. Nacchios attorney plan to appeal the six-year sentence.
Nacchio was convicted in April of illegally selling $52 million in stock to investors in 2001.
Qwest Communications International Inc. www.qwest.com
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July 16 2018 @ 18:55:06 UTC