DENVER - Joseph Nacchio, the former chief executive of Qwest Communications during its multibillion-dollar accounting scandal, was indicted Tuesday on 42 counts of insider trading accusing him of illegally selling off more than $100 million in stock.The first thing I noticed about this story.. wow he's cute.. but then reading on, it's yet more "rich getting richer", but this bozo got caught.
The indictment includes the first criminal charges against Nacchio in the government's nearly four-year-old investigation into accounting practices at Qwest Communications International Inc., the Denver-based primary telephone service provider in 14 mostly Western states.
The indictment accuses Nacchio of selling $101 million worth of Qwest stock in the first five months of 2001 when he allegedly had insider information about the company. The sales took place in 42 transactions ranging from $191,000 to $13.6 million each, the indictment says.
The indictment accuses Nacchio of "a manipulative and deceptive" scheme to commit fraud and said he was "specifically and repeatedly warned" about the financial risks facing his company just five months before the stock trades in question.
Each count carries a penalty of up to 10 years in prison and a $1 million fine.
It's rather difficult to stay honest when you know you are smart enough to be a very effective criminal. Especially when you see that a large number of wealthy and powerful people are, in fact, crooks. And.. they get away with it.
It's nice to see some of the scum go to prison. This guy, while fucking the company in the ass, caused layoffs of ordinary working people. Here's hoping he gets fucked in the ass, many many times, while in prison.. and lets just hope he doesn't like it.
Looks like Bernard Ebbers hasn't been taken to prison yet. I guess he's out while appealing his conviction, which I don't understand. He should be in prison while appealing.
In any case.. the rest of his life is going to be miserable.. yay.
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