Nacchio guilty on 24 19 counts

Most of those They were insider trading counts - and that's a potential 10 years in prison for each count. No, he won't wind up doing 200190 years, but the sentence is going to be steep, and of course it'll raise understandable questions about whether someone convicted of a white collar crime should be put away for so long. Nacchio was accused of dumping $100.8 million in Qwest stock in early 2001 when he had inside information that the company was in horrible financial shape. Months earlier, he had been told that Qwest would not make its publicly announced 2001 revenue targets. Nacchio's attorneys said the warnings involved Quest's internal targets and not the publicly stated numbers. And they said Nacchio had good reasons to sell. Here's the NYT story. From an early WSJ account:

Mr. Nacchio's family broke into sobs while the verdict was read and "not guilty" was heard 23 times. But they stopped at count 24 and fell silent as the judge said "guilty" on the rest of the counts. Mr. Nacchio was smiling during the not-guilty verdict, but his face turned expressionless when the guilty counts were read.

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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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