Joe Nacchio Guilty
On 19 of 42 counts.
A jury found former Qwest CEO Joe Nacchio guilty on 19 of the 42 counts against him on Thursday afternoon.More analysis here.
He was found guilty of counts 24 through 42 of the 42 count indictment against him and not guilty of counts one through 23.
Each of the counts carries a penalty of up to ten years in prison and a $1 million fine. However, the sentence is expected to be served concurrently and not consecutively.
The jury, made up of eight men and four women, started deliberations last Thursday and made several requests, including writing materials, more copies of the indictment and a master list of evidence. The requests were signed by the airline pilot who identified himself as the foreman.
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The SEC has a pending civil fraud lawsuit against Nacchio and other one-time executives at Qwest.