Oh, How The Mighty Have Fallen: Scandals That Rocked The IT World

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Joseph Nacchio, Former CEO, Qwest Communications

Joseph Nacchio, former CEO of Quest Communications, along with ex-CFO Robert Woodruff, ex-COO Afshin Mohebbi, and former financial reporting chiefs James Kozlowski and Frank Noyes, were sued by the SEC in 2005 for committing securities fraud.

The SEC charged Nacchio and his colleagues of misleading investors in 2000 and 2001 by booking improper revenue or by hiding how much of the company's revenue growth came from one-time network capacity contracts instead of monthly revenue.

Nacchio was convicted in 2007 of 19 felony counts, and is currently serving time in prison.


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