Nacchio jurors resume deliberations |
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Published
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Tue, 17 Apr 2007 17:01
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DENVER (AP) - Jurors went behind closed doors again Tuesday as they deliberated for a fourth day in former Qwest Communications CEO Joe Nacchio's insider trading trial.The jury has had no questions for the judge since Thursday when it began weighing the allegations that Nacchio illegally sold 2.5 million shares of Qwest stock for $101 million from January to May 2001.Prosecutors said Nacchio, 57, knew the Denver-based company could be at financial risk but didn't tell the public.Each of the 42 counts against Nacchio carries a penalty of up to 10 years in prison and a $1 million fine.Defense attorneys have said Nacchio had to sell the stock under his employment contract and that he was optimistic about the company's future. They also said Nacchio wanted to resign in early 2001 because of family problems.Qwest Communications International Inc. is the primary telephone service provider in 14 Midwestern and Western states.The Nacchio case was the most recent filed after the government investigated an accounting scandal at Qwest shortly after it acquired U S West.The Securities and Exchange Commission has said Qwest falsely reported fiber-optic capacity sales as recurring instead of one-time revenue between April 1999 and March 2002, which forced the company to restate $2.2 billion in revenue.The SEC has a pending civil fraud lawsuit against Nacchio and other former executives at Qwest.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Nacchio deliberations resume 