Nacchio indicted for insider trades of Qwest stock

In the indictment, federal prosecutors said Mr. [Joseph Nacchio] sold $100.1 million of Qwest stock in 2001 while he was in possession of insider information indicating that the company was struggling and not doing as well as Mr. Nacchio was telling the public. The indictment alleges Mr. Nacchio kne...

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Bibliographic Details
Published inWall Street journal. Europe
Main Author Young, Shawn
Format Newspaper Article
LanguageEnglish
Published Brussels Dow Jones & Company Inc 21.12.2005
EditionEurope
Subjects
Indictments
Insider trading
Public prosecutors
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Summary:In the indictment, federal prosecutors said Mr. [Joseph Nacchio] sold $100.1 million of Qwest stock in 2001 while he was in possession of insider information indicating that the company was struggling and not doing as well as Mr. Nacchio was telling the public. The indictment alleges Mr. Nacchio knew "that Qwest's publicly stated financial targets . . . were extremely aggressive and a 'huge stretch.' " Mr. Nacchio also knew, according to the indictment, that the company was increasingly relying on "unsustainable one-time transactions" to meet its goals. The indictment also says Mr.
ISSN:0921-9986