In a triumph for federal prosecutors, former Qwest Communications CEO Joseph Nacchio was indicted Tuesday on 42 counts of insider trading accusing him of illegally selling off $101 million in stock after privately learning the company might not meet its financial goals.

Nacchio, 56, appeared in court a few hours after the indictment was announced and pleaded not guilty before being led away in handcuffs. He said nothing, but defense attorney Herbert Stern told reporters, “We welcome the opportunity to put all this speculation and innuendo to rest.”