Ex-Qwest CEO Indicted On 42 Counts Of Insider Trading

Law360, New York (December 21, 2005, 12:00 AM EST) -- Former Qwest CEO Joseph Nacchio has been indicted on 42 counts of insider trading, in a criminal indictment handed down by a grand jury in Denver. The charges stem from Nacchio’s sale of 2.5 million shares of Qwest stock that netted him over $100 million.

Each charge carries a possible 10 year prison sentence and a $1 million fine.

Federal prosecutors also demanded that Nacchio hand over $100,812,582, the exact amount he made from the stock sales.

The criminal charges come in addition to the civil...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.