The Chief's Big Stock Sale

The accused was chief executive of a large telecom company. Over about a month, he sold about 1.33 million of his own shares for around $52 million. Prosecutors say he knew the company was relying heavily on one-time deals to meet its public revenue targets and faced a real risk of missing its year-end goals, and he did not tell investors. He says the information was not important enough to matter, and an expert for him estimated only a small share of his gains came from any inside knowledge.