Ex-Qwest Chief Nacchio Gets 6 Years for Inside Trades
In case you missed it, Joseph Nacchio, former chief executive officer of Qwest Communications International Inc., was sentenced to six years in prison for trading $52 million in company shares based on inside information about falling revenue.
As you may recall, in a post titled SEC vs. Nacchio over two years ago I said the following:
The WSJ reports civil charges are about to be filed against Quest’s Joe Nacchio the former CEO. The charges are expected to be cooking the books otherwise known as fraud. The area of interest is “capacity sales,” that Nacchio has said in the past are legit while the SEC says they were “Sham transactions.” We’ll have to see who wins.
This case is actually a different one and Nacchio still faces a lawsuit from the U.S. Securities and Exchange Commission that accuses him of directing a $3 billion accounting fraud. He also faces investor lawsuits. For details, see this Bloomberg article.
The telecom industry has seen a good share of executives breaking the law and going to jail. Hopefully this news marks the end of this chapter in the industry’s history.
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Joe, Joe, Joe!!!!!
See what a little greed gets ya. This former employee was evicted from an apartment and has been serving in the US Navy for you ever since you decided to #@^%@!%!$! us all. Have fun in prison Joe.
Please publish a good book when you get out in an effort to not be like you.
I hope you like Dudes Joe. You're gonna be seeing a lot of them. Hopefully a few were former employees of yours.
Truly,
Jesse Studebaker United States Navy
Joe:
You dog, those who live by the sword, shall die by the sword. The way you hacked away employees at AT&T for bottom line results (Wall Street the next day), I hope you get what you deserve, you greedy bastard.
Billy Mack
Greendale
Joe is scum. He brow beat his employees. This bastard should be skinned alive then hung by his balls. Maybe that's what will happen to him in the big house. Watch your back Joe while cleaning those shit bowels. The joint is not the corporate suite.