Posted on 12/20/2005 11:14:23 AM PST by Rakkasan1
Joseph Nacchio, who was chief executive of Qwest Communications during its multibillion-dollar accounting scandal, was indicted Tuesday on 42 counts of insider trading accusing him of illegally selling off more than $100 million in stock. The indictment includes the first criminal charges against Nacchio in the government's nearly 4-year-old investigation into accounting practices at Qwest Communications International Inc., the Denver-based primary telephone service provider in 14 mostly Western states. Nacchio, 56, was in custody and his initial court appearance was expected later Tuesday, said Jeff Dorschner, a spokesman for federal prosecutors. Nacchio's attorneys said he would plead not guilty
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This is one scumbag that deserves jail. I hope they make enough of the charges stick to put him away. With all of the others who are cooperating against him I think he will be toast.
When he did not have the financial (share) value in his company to purchase USWest he did a dark fiber or "capacity" swap with USWest, ie "I give you mine to use and in trade you give me yours to use". Then he counted ten years of revenue forward from the theoretical sale of the dark fiber bandwidth, booked it into the quarter he wanted to consumate the purchase of US West in and then counted it as revenue!
The man gives crooks a bad name.
agreed. maybe he and Bernice Mac Ebbers can share a cell.
I would rather see Bubba share joe and bernie!
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