{"id":5725,"date":"2007-07-29T15:26:21","date_gmt":"2007-07-29T15:26:21","guid":{"rendered":"http:\/\/blog.tmcnet.com\/blog\/rich-tehrani\/e-commerce\/joseph-nacchio.html"},"modified":"2007-07-29T15:26:21","modified_gmt":"2007-07-29T15:26:21","slug":"joseph-nacchio","status":"publish","type":"post","link":"https:\/\/blog.tmcnet.com\/blog\/rich-tehrani\/technology\/joseph-nacchio.html","title":{"rendered":"Joseph Nacchio"},"content":{"rendered":"<div>\n<div style=\"MARGIN: 0in 0in 0pt\"><em>Ex-Qwest Chief Nacchio Gets 6 Years for Inside Trades<\/em><\/div>\n<div style=\"MARGIN: 0in 0in 0pt\">&nbsp;<\/div>\n<div style=\"MARGIN: 0in 0in 0pt\">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.<\/div>\n<div style=\"MARGIN: 0in 0in 0pt\">&nbsp;<\/div>\n<div style=\"MARGIN: 0in 0in 0pt\">As you may recall, in a post titled <a href=\"http:\/\/blog.tmcnet.com\/blog\/rich-tehrani\/sec-vs-nacchio.html\">SEC vs. Nacchio<\/a> over two years ago I said the following:<\/div>\n<div style=\"MARGIN: 0in 0in 0pt\">&nbsp;<\/div>\n<div style=\"MARGIN: 0in 0in 0pt\">The WSJ reports civil charges are about to be filed against Quest&rsquo;s Joe Nacchio the former CEO. The charges are expected to be cooking the books otherwise known as fraud. The area of interest is &ldquo;capacity sales,&rdquo; that Nacchio has said in the past are legit while the SEC says they were &ldquo;Sham transactions.&rdquo; We&rsquo;ll have to see who wins.<\/div>\n<div style=\"MARGIN: 0in 0in 0pt\">&nbsp;<\/div>\n<div style=\"MARGIN: 0in 0in 0pt\">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 <a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601087&amp;sid=aWJZcGlIzmcA&amp;refer=home\">article<\/a>.<\/div>\n<div style=\"MARGIN: 0in 0in 0pt\">&nbsp;<\/div>\n<div style=\"MARGIN: 0in 0in 0pt\">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&rsquo;s history.<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ex-Qwest Chief Nacchio Gets 6 Years for Inside Trades &nbsp; 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. &nbsp; As you may recall, in a post<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[171,179,160,199,156,118,190,191],"tags":[],"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/blog.tmcnet.com\/blog\/rich-tehrani\/wp-json\/wp\/v2\/posts\/5725"}],"collection":[{"href":"https:\/\/blog.tmcnet.com\/blog\/rich-tehrani\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.tmcnet.com\/blog\/rich-tehrani\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.tmcnet.com\/blog\/rich-tehrani\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.tmcnet.com\/blog\/rich-tehrani\/wp-json\/wp\/v2\/comments?post=5725"}],"version-history":[{"count":0,"href":"https:\/\/blog.tmcnet.com\/blog\/rich-tehrani\/wp-json\/wp\/v2\/posts\/5725\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.tmcnet.com\/blog\/rich-tehrani\/wp-json\/wp\/v2\/media?parent=5725"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.tmcnet.com\/blog\/rich-tehrani\/wp-json\/wp\/v2\/categories?post=5725"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.tmcnet.com\/blog\/rich-tehrani\/wp-json\/wp\/v2\/tags?post=5725"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}