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WHO: Joseph Nacchio, Qwest Communications International Inc. CEO from 1997 to 2002.
THE ALLEGATIONS: Illegally selling about $101 million worth stock while he had internal information about financial risks at the Denver-based telephone company. He was convicted on 19 of 42 counts of insider trading.
BACKGROUND: Prosecutors say Qwest participated in a massive fraud by falsely reporting revenue. Qwest has erased about $2.2 billion in revenue from 2000 and 2001.
RESPONSE: Nacchio claimed he knew Qwest was in the running for secret, lucrative contracts from government agencies that made him optimistic about the company’s future.
