Company Frauds So Terrible You Won’t Believe They Actually Happened

Qwest Barely Stays Afloat

Helen H. Richardson/The Denver Post via Getty Images

Qwest Communication was nearly sunk in the early 2000s after CEO Joe Nacchio came under fire for selling $52 million in stock. Nacchio was ultimately put on trial for his fraudulent activity and was found guilty in 2007. For each conviction, he now faces 10 years in prison and a $1 million fine. With 19 convictions, that’s a possible 190-year prison sentence and a $19 million fine.

By selling $52 million in stock, Nacchio was actually trying to save Qwest by increasing the companies yearly revenue. However, because he engaged in insider trading to sell that stock, he almost bankrupted Qwest. Oops.