Feeds

Ex-Qwest Chief indicted for insider trading

Nacchio imbroglio

Beginner's guide to SSL certificates

Former Qwest Chief Joseph Nacchio has been indicted on a whopping 42 counts of insider trading with the government accusing him of selling $101m in stock after discovering that the telco faced major financial risks.

Nacchio - not to be confused with Karate Kid star Ralph Macchio or a Flingers appetizer - is accused of making 42 illegal stock sales over a five-month period in 2001. The government has been looking at the transactions as part of a close to four-year investigation into Qwest. Nacchio denies any wrongdoing and will plead not guilty.

The US Securities and Exchange Commission has accused Nacchio and six other Qwest executives of inflating earnings by close to $3bn between 1999 and 2002. In 2004, Qwest agreed to settle fraud charges by paying a $250m fine.

Former CFO Robin Szeliga in July pleaded guilty to insider trading and has agreed to help authorities with their investigations into the other executives. She stated that Qwest's senior management knew that revenue was being hiked via deals kept hidden from investors. ®

Beginner's guide to SSL certificates

More from The Register

next story
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
DOUBLE BONK: Testy fanbois catch Apple Pay picking pockets
Users wail as tapcash transactions are duplicated
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
YARR! Pirates walk the plank: DMCA magnets sink in Google results
Spaffing copyrighted stuff over the web? No search ranking for you
In the next four weeks, 100 people will decide the future of the web
While America tucks into Thanksgiving turkey, the world will be taking over the net
Microsoft EU warns: If you have ties to the US, Feds can get your data
European corps can't afford to get complacent while American Big Biz battles Uncle Sam
prev story

Whitepapers

Choosing cloud Backup services
Demystify how you can address your data protection needs in your small- to medium-sized business and select the best online backup service to meet your needs.
Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.