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Former Qwest CEO Nacchio is guilty on 19 counts

  Securities  -   POSTED: 2007/04/20 15:30

Former Qwest Communications CEO Joseph Nacchio 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 account 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 and civil charges brought by the Security and Exchange Commission. Another former Qwest employee, ex-Vice President Marc Weisberg, pleaded guilty to wire fraud in December 2005 and helped prosecutors build their case against Nacchio.


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