Federal prosecutors today charged ex-Qwest Communications International Inc. CEO Joseph P. Nacchio with insider trading. The government contended Nacchio took part in insider trading for sales of $100.8 million in Qwest stock between Jan. 2, 2001, and May 29, 2001.
Each charge carries a maximum penalty of 10 years in prison and fines up to $1 million.
The eight-page indictment seeks to force Nacchio, 56, to forfeit the proceeds he made from the stock sales.
Nacchio has repeatedly denied any wrongdoing. He oversaw the nations fourth-largest local phone company as it lost $100 billion in market value during the telecom downturn.
Qwest Communications International Inc. www.qwest.com