Former Qwest Executive Indicted For Insider Trading

Former Qwest executive Joe Nacchio has been indicted on 42 counts of insider trading by a federal grand jury according to KUSA television in Denver.

Prosecutors allege Nacchio-who served as chief executive officer of the telecom giant from 1997 to 2002-used insider information to sell stock before the price fell.Nacchio allegedly made about 50 million dollars on the trade.

During the time Nacchio headed Qwest he made 200 million dollars in compensation even as the company dropped in value and employees lost their jobs.

Nacchio and other former Qwest employees were sued by the federal Securities and Exchange Commission in March for fraudulently boosting company revenues by 3 billion dollars.

Nacchio is expected to make a court appearance in Denver later today.

© KKCO NBC 11 News - All Rights Reserved

KKCO NBC 11 News
2531 Blichmann Avenue
Grand Junction, CO 81505

Station Phone: 970.243.1111
Business Fax: 970.243.1770
Newsroom Fax: 970.245.3793
News Tip & Contest Line: 970.255.8477
Copyright © 2002-2016 - Designed by Gray Digital Media - Powered by Clickability 2107247 -
Gray Television, Inc.