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Former Qwest CEO Indicted on Charges of Insider Trading

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A federal grand jury indicted former Qwest CEO, Joseph Nacchio, on charges of insider trading. On December 19th, 2005, he was charged with profiting by insider trading in the sale of more than $100 million of Qwest stock. The sale took place between January and May 2001 after he had been informed that Quest would not meet its revenue targets. Several other former executives were also indicted, but have since agreed to cooperate with federal prosecutors. Prosecutors want Nacchio to return nearly $101 million in profits that he accrued from the transactions. Each count carries a maximum 10 years in federal prison.