A jury in Denver found former Qwest CEO Joe Nacchio guilty on 19 of 42 counts of insider trading. He faces 10 years and a million dollar fine on each count – which could essentially put him behind bars for rest of his life. He joins the ranks of other convicted Broadbandits including Bernie Ebbers, the founder and CEO of WorldCom.
The term ‘convicted felon Joe Nacchio’ has a very nice ring to it,” said Colorado U.S. Attorney Troy Eid outside the courthouse following the verdict. “Make no mistake my friends, this is an overwhelming determination of guilt.”
I wrote about Joe for Red Herring. He came across as anything but a criminal. Naive of me, I guess. I will follow up with a full length post later!