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The ex-CEO of Qwest has had a bad week. He's been sentenced to six years in jail and will have to forfeit $52 million that he received and was prosecuted for successfully by the government. He received a $52 million from stock gains he received when trading on his own company that he had inside information on. Over 20 other charges were dismissed at the government was successful in convicting him on 19 counts of insider trading.
A federal judge ordered the former chief executive of Qwest Communications International (Q.N: Quote, Profile , Research), Joseph Nacchio, to forfeit $52 million in stock gains from insider trading, before his sentencing hearing on Friday.
Nacchio, 58, whose April conviction on 19 counts of insider trading was one of the biggest victories for U.S. prosecutors in a range of cases charging illegal financial dealings by corporate executives.
I foresee a CEO that's going to be living a lot more simply over the next few years while he is in prison indefinitely after he gets out. He may even have to sell a luxury home or to to make ends meet. The government took $52 million I'd hate to see what his lawyers are taking from him. But in reality that's all chump change compared what he took from investors and other stakeholders in Qwest.