Joseph Nacchio is going to prison. Unless an appeals court overturns his conviction, the former chief executive of Qwest Communications International Inc. will serve six years for insider trading — for dumping Qwest stock shortly before the company disclosed that it had been misstating billions in revenue in its balance sheets.
The verdict, says Troy Eid, the U.S. Attorney for Colorado, is justice served. Appointed to office just eight months before the trial began, Eid built a new team almost entirely from scratch to prosecute the case, including recruiting former Enron Corp. prosecutor Cliff Stricklin.
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