Qwest's Joe Nacchio Indicted on 42 Counts
Former Qwest CEO Joe Nacchio has been indicted on 42 counts of insdider trading. He surrendered to the Denver FBI early this morning. There will be a court appearance sometime today. Prosecutors will hold a press conference at noon.
The government has alleged in both civil and criminal cases that Qwest and some of its former executives participated in a massive financial fraud between April 1999 and March 2002 by falsely reporting sales or trades of capacity on its fiber-optic cables as recurring revenue. Nacchio resigned in June 2002 and has always said he did nothing improper. The fraud allowed Qwest to improperly report approximately $3 billion in revenue that eased its 2000 acquisition of regional phone company U S West Inc., the government has said. Qwest later restated earnings from 2000 and 2001 to erase about $2.2 billion in revenue.
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