forfeit

 

Judge: Nacchio Must Forfeit Assets of $52 Million

Qwest Communications International Inc.s former CEO, Joe Nacchio, must forfeit $52 million in assets he gained after illegal stock sales. The federal government has tried since late 2005 to force Nacchio to hand over those proceeds. A federal judge in Denver released the forfeiture order on Friday as Nacchios sentencing hearing was starting. Nacchio in […]

Ex-Qwest Head Charged with Insider Trading

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 […]

Ebbers to Forfeit Assets

Bernie Ebbers, the former chief executive of WorldCom Inc., will have lost more than his freedom if he goes to jail for his role in the $11 billion accounting fraud that brought the telecom titan into the largest bankruptcy in U.S. history. Most of Ebbers assets will be distributed to WorldCom shareholders and bondholders under […]

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