A little Happy Holidays! from Federal Prosecutors for the former Quest CEO...

Via ABCNews.com:

Former Qwest CEO Joe Nacchio Is Indicted

By Don Mitchell
The Associated Press

DENVER Dec 20, 2005 — Joseph Nacchio, the former chief executive of Qwest Communications during its multibillion-dollar accounting scandal, was indicted Tuesday on 42 counts of insider trading accusing him of illegally selling off more than $100 million in stock.

The indictment includes the first criminal charges against Nacchio in the government's nearly four-year-old investigation into accounting practices at Qwest Communications International Inc., the Denver-based primary telephone service provider in 14 mostly Western states.

Nacchio, 56, was in custody and his initial court appearance was expected later Tuesday, said Jeff Dorschner, a prosecution spokesman. Nacchio's attorneys said he would plead not guilty "with perfect confidence in his exoneration"...

More here.

-- MDT

Labels: insider trading, Joe Nacchio, Quest