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 Friday, April 20, 2007 |
Former Qwest CEO convicted of insider trading
Michael at 9:01 AM ET
[JURIST] Former Qwest Communications [corporate website] CEO Joseph Nacchio [JURIST news archive] was convicted Thursday by a federal jury on 19 of 42 counts of insider trading. Nacchio illegally sold 1.33 million shares valued at $52 million dollars in conjunction with the Denver-based telephone service provider's accounting scandal between April 26 and May 29, 2001. Nacchio faces a maximum sentence for each count of up to 10 years in prison and a $1 million fine. The federal jury acquitted Nacchio of 23 counts of insider trading originating before April 2001. Nacchio's sentencing is slated for July 27, and he is currently free on $2 million bail.
Nacchio and other former Qwest executives still face a class action lawsuit [JURIST report] and civil charges brought by the Securities and Exchange Commission [JURIST report]. Another former Qwest employee, ex-vice president Marc Weisberg, pleaded guilty to wire fraud [JURIST report] in December 2005 and helped prosecutors build their case against Nacchio. AP has more.
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Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible, ad-free format.
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