indicted on 42 counts
By Greg Griffin and Beth Potter, Staff Writers
Tuesday, December 20, 2005
Former Qwest chief executive Joe Nacchio was indicted this
morning on 42 counts of insider trading. News of the
indictment came shortly after Nacchio arrived at a federal
building downtown early today with his attorneys for a
meeting with an FBI agent.
At about 8:05 a.m., Nacchio and attorneys Herbert Stern and
John Richilano walked into the FBI offices in the Byron G.
Rogers Federal Building at 1961 Stout St.
They waited in the lobby near a security magnetometer for
about 10 minutes before going to the 18th floor, where they
asked to meet with an FBI agent, Susan Montoya. FBI
spokeswoman Monique Kelso would not comment on the nature of
Nacchio's visit to the agency offices.
Nacchio and his attorneys declined to comment about his
potential indictment on insider trading charges.
"Are you here for an indictment today, sir?" a Post reporter
asked Nacchio. He didn't respond.
"Are you going to be testifying to the FBI?" the reporter
At that point, Stern, Nacchio's lawyer, asked, "What do you
want from us?"
The reporter said, "I want to attend any hearing you're
Nacchio and the lawyers were silent about the possibility of
A spokesman for the U.S. Attorney in Denver also would not
Sources have said Nacchio, who arrived at Denver
International Airport Monday night on a United Airlines
flight from Newark, N.J., could be indicted on criminal
insider-trading charges as early as this morning.
When he arrived Monday night, Nacchio was dressed casually
in a sweater, open collar and long black jacket. This
morning, he also wore a long black jacket, but this time
over a suit and tie.
If Nacchio surrendered himself for arrest this morning, he
will appear later today for an appearance before a federal
magistrate, who will advise him of his charges and post
His arraignment, in which Nacchio would enter his plea,
could happen today or be scheduled in the next few weeks.
Nacchio and his attorneys have said he did nothing wrong at
Qwest and that he will vigorously defend himself against any
Investigators are said to be focusing on stock sales Nacchio
made in 2001.
Staff writer Greg Griffin can be reached at 303-820-1241 or