Joseph Nacchio, the former co-chairman and chief executive officer (CEO) at Qwest Communications International Inc., was indicted Tuesday on 42 counts of insider trading.Nacchio, CEO at Qwest from January 1997 to June 2002, is accused of using insider information to sell US$100.8 million worth of stock between January and May 2001. Nacchio was indicted in U.S. District Court for the District Colorado.Nacchio resigned as Qwest’s chief after stockholder questions arose about his $27 million annual compensation package and additional stock options. In March, the U.S. Securities and Exchange Commission charged Nacchio and eight other former Qwest employees with fraud and other violations of the federal securities laws.In the Colorado charges, Nacchio is accused of selling stock while knowing that Qwest’s publicly released financial guidance predicting the company’s growth was “extremely aggressive,” according to the indictment. The U.S. Attorney’s Office in Denver wants Nacchio to forfeit the $100.8 million he made from the alleged insider trading. Nacchio’s lawyer wasn’t immediately available for comment.By Grant Gross – IDG News Service (Washington Bureau) Related content feature Top cybersecurity M&A deals for 2023 Fears of recession, rising interest rates, mass tech layoffs, and conservative spending trends are likely to make dealmakers cautious, but an ever-increasing need to defend against bigger and faster attacks will likely keep M&A activity steady in By CSO Staff Sep 22, 2023 24 mins Mergers and Acquisitions Mergers and Acquisitions Mergers and Acquisitions brandpost Unmasking ransomware threat clusters: Why it matters to defenders Similar patterns of behavior among ransomware treat groups can help security teams better understand and prepare for attacks By Joan Goodchild Sep 21, 2023 3 mins Cybercrime news analysis China’s offensive cyber operations support “soft power” agenda in Africa Researchers track Chinese cyber espionage intrusions targeting African industrial sectors. By Michael Hill Sep 21, 2023 5 mins Advanced Persistent Threats Cyberattacks Critical Infrastructure brandpost Proactive OT security requires visibility + prevention You cannot protect your operation by simply watching and waiting. It is essential to have a defense-in-depth approach. By Austen Byers Sep 21, 2023 4 mins Security Podcasts Videos Resources Events SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe