Joe Nacchio, Qwest

Joe Nacchio, the CEO of Qwest used the information he collected from his position in order to sell $52 million in stocks at an advantageous price. He told stakeholders that the company would meet its revenue goals, based on his belief that Qwest is about to process some big federal contracts. After he was found guilty for insider trading, he defended in court by stating that he was not in his right state of mind at the time. But the court sentenced him to six years in federal prison and to pay a $19 million fine and forfeit $52 million he gained in illegal stock sales. In 2007, he started serving jail term in Pennsylvania.