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Corporate Governance

: The Race to the Bottom

Nacchio Withdraws Final Appeal

By Katharine Jensen

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Former Qwest CEO Joseph Nacchio withdrew the final appeal of his criminal conviction on February 11, 2011.  After being sentenced to five years and 10 months in prison following a jury trial, Nacchio originally indicated through court filings that he intended to appeal his criminal sentence.  

The Federal District Court in Denver accepted the withdrawal on February 14, 2011, ending Nacchio's five year legal battle with the Justice Department.

The funds held in escrow to pay off the court-ordered $19 million in fines and $44.6 million in forfeitures will be released to help compensate the victims in the case.

Nacchio's projected release date is May 2014.

Full post as published by The Race to the Bottom on February 26, 2011 (boomark / email).

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