Securities Expert Testifies In Nacchio Case

Business_Finance_57127U.S. District Judge Marcia Krieger has resentenced former Qwest CEO Joseph Nacchio to 70 months in prison on insider trading convictions which is 2 months less than his previous sentence.  Nacchio was convicted in 2007 on 19 felonies for making $52 million in stock trades while hiding negative information about Qwest.  Nacchio resigned from Denver-based Qwest Communications International Inc. in 2002.

The federal government’s expert witness testified on the stock market’s reactions to Qwest news in Nacchio’s final months as CEO.  His testimony described how investors reacted to news, starting in August 2001, revealing how much Qwest’s revenue growth relied on one-time transactions — sometimes swaps of service involving no cash at all.

Read more:

About Karen Olson

Information Professional with twenty years experience in legal, public record, and business research. Fifteen years law firm experience.

No comments yet... Be the first to leave a reply!