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7/30/2007
Quest's Nacchio Faces Fine, Jail Time
Quest's Nacchio Faces Fine, Jail Time
Quest's former CEO, Joe Nacchio, was sentenced on Friday in connection with his sell-off of $52 million in Quest stock while not disclosing to his companies investors that rough times were ahead. For what the judge in the case called "crimes of overarching greed" Nacchio was sentenced to six years in prison. He was also ordered to forfeit the $52 million within 15 days along with a $19 million fine. Still ahead for Nacchio is a civil suit against Quest executives that is scheduled to get going in 2009.
-- MDT
-- MDT
Labels: corporate scandal, Joe Nacchio, Quest, sentencing
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