Ex-con, former Qwest CEO, wins $14M lawsuit

Ex-con, former Qwest CEO, wins $14M lawsuit
Posted at 1:19 PM, Jan 08, 2016
and last updated 2016-01-08 15:19:35-05

Joseph Nacchio, the former Qwest CEO convicted of insider trading, has won a $14.17 million judgment against a Goldman Sachs Inc. unit, according to multiple media sources.

A jury found in Nacchio's favor in a lawsuit claiming he was induced years ago to make a faulty investment with the Ayco Co., a financial advisory firm that's now a subsidiary of Goldman Sachs, according to the New Jersey Law Review.

The Law Review said Ayco disputed the claims and promises to appeal.

Nacchio was convicted in 2007 on 19 counts of insider trading for illegally selling $52 million of stock at a time when he knew Denver-based Qwest Communications International Inc. was at risk while other investors did not.

The same jury acquitted him on 23 counts of the same charge.

His conviction was first overturned, but then upheld by an appeals court and he was sentenced to six years in prison.

Nacchio was freed from prison on Sept. 20, 2013, according to Federal Bureau of Prisons records

Qwest was the primary telephone provider in 14 mostly Western states. Qwest is now part of CenturyLink.


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