Free Republic

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