Friday, April 20, 2007
After six days of deliberations, the jury convicted Joseph Nacchio, former Qwest Communications CEO, of 19 counts of insider trading for selling $50 million worth of stock in 2001. He was acquitted of 23 counts. His attorney said he would appeal. Prior to trial, Nacchio's defense was expected to revolve around classified information about forthcoming profitable government contracts; however, the judge did not allow most of this evidence. See WPost, Nacchio Guilty of Insider Trading; NYTimes, Ex-Chief at Qwest Found Guilty of Insider Trading; WSJ, Qwest's NacchioIs Found Guilty In Trading Case.