Fergie's Tech Blog

U.S. Seeks 7 Years in Prison for Former Qwest CEO

Stephen Lawson writes on InfoWorld:

Prosecutors are recommending that former Qwest Communications International chief Joseph Nacchio serve more than seven years in prison for insider trading during the telecommunications boom.

Nacchio, who was CEO of Qwest from 1997 to 2002, would serve 87 months plus three years' probation, and pay as much as $19 million in fines, under the recommendation filed Friday by federal attorneys. He was convicted in federal court in April of 19 counts of insider trading involving $52 million in stock sales. He was cleared on 23 other insider-trading counts.

posted by Fergie @ 7/09/2007 01:58:00 PM