Qwest CEO Convicted
Posted Apr 20, 2007 03:33 am CDT
A jury on Thursday convicted former Qwest CEO Joe Nacchio of 19 counts of insider trading, the Denver Post reports.
U.S. attorney Troy Eid spoke in a press conference after the conviction. “The jury has spoken,” he said. “This is an overwhelming determination of guilt. Nineteen counts. Each count carries up to 10 years in federal prison.”
Prosecutors had alleged Nacchio sold more than $100 million in Qwest stock when he knew of the company’s financial problems, but did not disclose them.
The Rocky Mountain News points out that the defense nonetheless scored several victories when the jury acquitted Nacchio of 23 counts and convicted him of 19. An appeal is planned.
The New York Times also has coverage.