Qwest CEO Remains Silent
Posted Apr 10, 2007 01:42 pm CDT
The defense has rested in the insider trading trial of the chief executive of Qwest Communications, the New York Times reports.
Prosecutors contend CEO Joseph P. Nacchio sold more than $100 million in Qwest stock in 2001 when he knew the telecommunications company had financial problems. He did not testify at his trial in U.S. District Court in Denver.
Some commentators had speculated Nacchio would testify about possible secret government contracts that made for a rosier financial picture.
Closing arguments are expected to begin in the next few days.