Former Qwest CEO guilty of accounting scandal

Former Qwest Communications CEO Joe Nacchio was found guilty of illegally selling $52m in stock at the business, creating an accounting scandal that saw the company restate billions of dollars in revenue.

In 2001 Qwest met a quarterly result target but did not reveal to the market this had been achieved through one-off stock sales.

Former Qwest CFO Robin Szeliga is serving probation on one count of insider trading that occurred at the same time as Nacchio's sales.

Nacchio is expected to appeal, reported Associated Press.

Further reading:

Ex-Qwest finance chief reaches ‘tentative' settlement

Qwest set to write off a further $35bn

Qwest forced to restate accounts by £1bn