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Business Crimes Hotline
Colorado
Colorado Ballot Initiative Considers Unprecedented Criminal Liability for Corporate Executives
Colorado may decide next November whether to impose unprecedented criminal liability on corporate executives. Backing the proposal are several activists who suffered financial losses when Colorado-based Qwest Communications Inter-national was mired in an insider trading scandal. Former Qwest CEO Joseph P. Nacchio was recently granted a new trial after being convicted of 19 counts of insider trading. Under the ballot initiative, corporate executives who knew about corporate fraud but did nothing to stop it might be criminally and civilly liable for their inaction. Even those who were not involved in the fraud but merely failed to report their knowledge of it would not escape the proposed law's grasp. Under the proposal, any Colorado resident would have standing to sue the responsible executives. Any penalties or fines collected from the lawsuits would go to the state. The proposal's supporters must collect 76,000 signatures for it to be added to the state's November ballot. See Dan Frosch, 'Colorado Proposes Tough Law on Executive Accountability,' The New York Times, Apr. 1, 2008, at C3.
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