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

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.
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.
Choosing a cloud hosting partner with confidence
Download Choosing a Cloud Hosting Provider with Confidence to learn more about cloud computing - the new opportunities and new security challenges.
New hybrid storage solutions
Tackling data challenges through emerging hybrid storage solutions that enable optimum database performance whilst managing costs and increasingly large data stores.