Feeds

Ex-Qwest Chief indicted for insider trading

Nacchio imbroglio

Business security measures using SSL

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. ®

Reducing the cost and complexity of web vulnerability management

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
JINGS! Microsoft Bing called Scots indyref RIGHT!
Redmond sporran metrics get one in the ten ring
Driving with an Apple Watch could land you with a £100 FINE
Bad news for tech-addicted fanbois behind the wheel
Murdoch to Europe: Inflict MORE PAIN on Google, please
'Platform for piracy' must be punished, or it'll kill us in FIVE YEARS
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Found inside ISIS terror chap's laptop: CELINE DION tunes
REPORT: Stash of terrorist material found in Syria Dell box
Sony says year's losses will be FOUR TIMES DEEPER than thought
Losses of more than $2 BILLION loom over troubled Japanese corp
Show us your Five-Eyes SECRETS says Privacy International
Refusal to disclose GCHQ canteen menus and prices triggers Euro Human Rights Court action
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
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.
Protecting users from Firesheep and other Sidejacking attacks with SSL
Discussing the vulnerabilities inherent in Wi-Fi networks, and how using TLS/SSL for your entire site will assure security.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.