insider trading

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SEC Looks Into Countrywide Stock Sales

CEO of nation's largest mortgage lender dumped $130M in stock before crisis hit

(Newser) - The CEO of troubled mortgage lender Countrywide is under investigation over stock sales, the Wall Street Journal reports. Angelo Mozilo sold at least $130 million this year of stock in a company deeply affected by the subprime mortgage mess; the Securities and Exchange Commission is looking into several aspects of...

Ex-Qwest CEO Claims Spy Effort Began Before 9/11

Says NSA sought phone records months earlier

(Newser) - Joseph Nacchio, the former CEO of Qwest Communications, claims that the National Security Agency asked his company in February, 2001, to participate in a potentially illegal surveillance program—and when he declined, punished the company by dropping a contract worth hundreds of millions of dollars, reports the Washington Post. The...

Ex-Qwest CEO Didn't Foresee Trouble Ahead

Nacchio appeals conviction in $52M insider-trading deal

(Newser) - Former Qwest chief Joseph Nacchio yesterday appealed an insider-trading conviction, claiming he couldn’t have known the telecommunications company was in dire straits when he sold $52 million in stock in 2001. Rebutting a federal court’s guilty finding on 19 counts, the brief asserts Nacchio “believed more than...

Airbus Execs Accused of Insider Trading

Ex-CEO, others sold millions before A380 delay announced

(Newser) - Accusations of "massive" insider trading by Airbus executives and shareholders have exploded into full-out political scandal. French investigators have learned that 21 top executives and two big shareholders in EADS, the Franco-German consortium that owns the airplane company, cashed in stocks shortly before Airbus announced a June, 2006, production...

Top Telecom Exec Takes Over As Qwest CEO

Edward Mueller headed Ameritech, PacBell

(Newser) - A top telecom veteran has been named CEO of struggling Qwest. Edward Mueller, 60-year-old former chief executive of Ameritech and Williams-Sonoma, takes the reins  from Dick Notebaert, who ran the company for five years, the Wall Street Journal  reports. The country's fourth-largest telephone company, Qwest faces increased pressure from competitors...

Ex-Qwest CEO Gets 6 Years
Ex-Qwest CEO Gets 6 Years
Jul 27, 2007 5:43 PM CDT

Ex-Qwest CEO Gets 6 Years

Nacchio's insider-trading penalty includes paying $71M

(Newser) - Qwest's former CEO was sentenced to 6 years in prison today for engaging in insider trading while the company's stock plummeted. Joseph Nacchio committed "crimes of overarching greed,'' a federal judge in Denver said as he fined him $19 million in addition to the $52 million he must...

Dow Jones Director Faces Insider Trading Charges

SEC investigation tied to sale of Wall Street Journal

(Newser) - The Securities and Exchange Commission plans to file civil charges against Dow Jones board director David Li,  in an insider trading case linked to News Corp.'s bid for the company. As a board member, Li has access to inside information, the Wall Street Journal reports. He also has...

Journal Offer Prompted Insider Trading, SEC Says

(Newser) - The SEC has filed its first suit for insider trading involving Rupert Murdoch's bid to buy the Wall Street Journal's parent company. The agency alleges a Hong Kong couple knew about the offer when they bought $15 million of Dow Jones stock in April and sold it for an $8....

Banker Busted For Insider Trading
Banker Busted
For Insider Trading
May 3, 2007 10:32 PM CDT

Banker Busted For Insider Trading

Credit Suisse hire charged with passing tips to Pakistani banker

(Newser) - Federal prosecutors and the SEC are charging a Credit Suisse banker with relaying insider information to an unnamed Pakistani banker who made more than $7 million on illegal trades. Hafiz Nasseem, who started at the bulge-bracket bank last year, is said to have immediately started sharing tips on upcoming deals—...

Nacchio Goes Down for Insider Trading

Federal jury convicts former Qwest CEO for dumping company stock

(Newser) - Joseph Nacchio, former CEO of Internet-bubble-blowing telecom Qwest, was found guilty of 19 counts of insider trading by a federal jury in Denver yesterday. Nacchio dumped more than $100 million in Qwest stock in 2001, before the stock imploded over questionable accounting practices. The jury acquitted on 23 other counts.

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