The appeal by former Qwest CEO Joe Nacchio on insider trading convictions may have been dealt a blow after prosecutors turned up documents showing Qwest did in fact benefit from a National Security Agency contract awarded in the summer of 2001. Those documents would seem to refute Nacchio's claim Qwest was passed over for lucrative federal government contracts in 2001, after the telco refused to provide private call information to the government.
The contract mentioned in the court documents was a $2 billion deal in which Qwest was listed as a sub-contractor. Maybe it doesn't matter at this point, but it hasn't been revealed how much money Qwest made from the contract, and being a sub-contractor certainly doesn't carry the same responsibility and income as being the lead contractor.
For more:
- Read this story in The Washington Post
Related articles:
- Nacchio's claims came to light earlier this month