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Nacchio Found Guilty on 19 of 42 Counts

A jury Thursday found former Qwest Communications International Inc. CEO Joe Nacchio guilty on 19 of 42 counts of illegal insider trading.

Jury deliberations took six days.

Nacchio now faces up to 10 years in prison and a $1 million fine for each of the 19 guilty counts.

Federal prosecutors contended Nacchio took part in insider trading for sales of $100.8 million in Qwest stock between Jan. 2, 2001, and May 29, 2001. Nacchio has repeatedly denied any wrongdoing. He oversaw Qwest as it lost $100 billion in market value during the telecom downturn.

Qwest Communications International Inc. www.qwest.com


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