Feeds

Ex-Qwest Chief indicted for insider trading

Nacchio imbroglio

Choosing a cloud hosting partner with confidence

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. ®

Internet Security Threat Report 2014

More from The Register

next story
Bono apologises for iTunes album dump
Megalomania, generosity and FEAR of irrelevance drove group to Apple deal
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
Doctor Who's Flatline: Cool monsters, yes, but utterly limp subplots
We know what the Doctor does, stop going on about it already
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Arab States make play for greater government control of the internet
Nerds told to get lost in last-minute power grab bid at UN meeting
'Cowardly, venomous trolls' threatened with TWO-YEAR sentences for menacing posts
UK government: 'Taking a stand against a baying cyber-mob'
Apple SILENCES Bose, YANKS headphones from stores
The, er, Beats go on after noise-cancelling spat
Zippy one-liners, broken promises: Doctor Who on the Orient Express
Series finally hits stride, but Clara's U-turn is baffling
prev story

Whitepapers

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.
Win a year’s supply of chocolate
There is no techie angle to this competition so we're not going to pretend there is, but everyone loves chocolate so who cares.
Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.