BREAKING: Split verdict in Nacchio insider-trading case

Former Qwest Communications CEO convicted on 19 counts of insider trading.

Former Qwest Communications CEO Joe Nacchio who is on trial for insider trading was just delivered a split verdict, convicting him on 19 insider trading counts. The trial which is taking place in Denver is over allegations that in 2001 Nacchio illegally sold more than $100 million worth of stock as he knew that Qwest's business units were underperforming. Nacchio resigned in 2002 and was among seven former executives named in the civil lawsuit filed in Denver federal court by the Securities and Exchange Commission in March. The jury in the case met for 6 days before coming out with their verdict, finding Joe guilty on 19 or the 42 charges. Each count carries up to 10 years in prison so Joe is looking at going to jail for a long, long time.