Ex-Qwest CEO gets six years

Former Qwest CEO Joe Nacchio has been sentenced to six years in prison in the wake of an accounting scandal that rocked the US telco. A jury in federal court in Denver had already found Nacchio guilty on 19 out of 42 counts of fraud, totalling illegal sales of $52m in stock. Nacchio has been […]

Ex-Qwest chief faces jail

Like Levis 501s and Coca-Cola, it seems insider trading will never truly go out of fashion. For some, like former Qwest CEO Joe Nacchio, the temptation to off load shares in a sinking ship is simply too great. A jury in federal court in Denver found Nacchio guilty on 19 out of 42 counts of […]

Nacchio trial – No decision… yet

Deliberations in the insider-trading case against former Qwest chief executive Joe Nacchio will stretch into their fourth day Tuesday, as jurors remain undecided. The jury put several questions to Judge Edward Nottingham on the first day of deliberations, but none have been sent to him since. Nottingham ordered that the jury reconvene this morning. Nacchio, […]

Closing arguments heard in Nacchio trial

The defence for former Qwest CEO, Joe Nacchio, used five hours to present its closing statement Wednesday as representation from both sides drew a close to proceedings. Nacchio’s defence produced financial data and read back witness testimony in its final attempt to counter the prosecution’s allegation that he knowingly and illegally dumped $101m of the […]

US awards huge contract, spurns

The US General Services Administration (GSA) has awarded America’s biggest ever telecommunications contract – a ten year deal worth $48bn – to AT&T, Qwest and Verizon. Sprint Nextel was not chosen. Each of the winners will split $525m and pitch against one another with different federal agencies for varying contracts. Each of those government agencies […]

Nacchio accused of hiding stock

Jurors at the insider dealing trial of Joe Nacchio heard the prosecution allege Wednesday, that he tried to hide $90m (£45.8m) of Qwest assets by transferring stock into his wife’s accounts. The trial, now in its second week, saw prosecutor Kevin Traskas ask Judge Edward Nottingham for permission to introduce evidence to support his claim. […]

Nacchio ‘cheated’ prosecution alleges

The jury in the trial against Joe Nacchio, former chief executive at Qwest Communications, was told by the prosecution Tuesday that the accused had cheated in his attempts to siphon money from the failing company. The prosecution alleges that Nacchio dumped $101m (£51.45m) worth of stock during the opening months of 2001 because he knew […]