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 Friday, July 27, 2007 |
Former Qwest CEO sentenced to six years for insider trading
Michael at 2:27 PM ET
[JURIST] US District Judge Edward Nottingham Friday sentenced [press release] former Qwest Communications [corporate website; JURIST news archive] CEO Joseph Nacchio to six years in prison and ordered him to pay the maximum $19 million fine and forfeit of $52 million in assets obtained through insider trading. Nacchio, who was convicted of 19 counts of insider trading [JURIST report] in April, had faced a maximum sentence of up to 10 years in prison and a $1 million fine for each count.
Nacchio, who will also be required to serve two years of probation, illegally sold 1.33 million Qwest shares valued at $52 million between April 26 and May 29, 2001 before news of Qwest's accounting scandal broke. In December 2005, prosecutors indicted Nacchio on 42 counts of insider trading [JURIST report]. Nacchio and other former Qwest executives are still facing a class action lawsuit [JURIST report] and other civil charges brought by the Securities and Exchange Commission [JURIST report]. 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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