Joseph Nacchio

Ex-Qwest boss faces fraud charges

The former chief executive of US telecoms giant Qwest Communications, Joseph Nacchio, has been indicted on 42 counts of insider trading.

This is the first criminal charge against Mr Nacchio in the US government’s four-year-old probe.

Mr Nacchio is charged with selling more than $100m of Qwest stock after he had been warned that the firm would miss revenue targets