Former Qwest CEO guilty of accounting scandal
Qwest CEO found guilty of illegally selling stock
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.
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.