Former Qwest boss guilty of fraud

The former boss of US phone company Qwest Communications, Joseph Nacchio, has been found guilty of 19 counts of insider trading.

A court in Denver ruled that in 2001, Nacchio sold $50m (£25m) of Qwest stock after being told the firm would miss its financial targets.

Nacchio, who was cleared on 23 charges, faces up to 10 years in jail and a fine that could total $19m.

Read Full Article from BBC News

- Posted: 2007-04-20 10:23:34

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