Free Republic

Excerpt - Joe Nacchio, the aggressive chief executive who oversaw Qwest's spectacular growth as well as its near collapse into bankruptcy, was found guilty on 19 of 42 counts of illegal insider trading, a stellar finish for the Justice Department in its five- year probe of the company's former executives. As Judge Edward Nottingham read the guilty counts Thursday afternoon, Nacchio's eyes watered and his lips stayed firmly pressed together. With his hands crisscrossed on the defense table, he briefly glanced at the gallery and raised his eyebrows as if in disbelief. Earlier, as not-guilty pronouncements were read on the...

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