Qwest Deliberations Likely Today
Posted Apr 11, 2007 8:52 AM CDT
By Debra Cassens Weiss
Jury deliberations are expected to begin today in the insider trading trial of Joseph P. Nacchio, the former chief executive of Qwest International.
Yesterday, federal prosecutor Colleen Conry said Nacchio talked about the company’s good financial picture while selling stock options as fast as possible, the New York Times reports.
“He puts his foot on the accelerator,” she said in closing arguments. “He dumps stock like he’s never dumped before. He knew not only what he was doing was wrong, he knew it was unlawful. He is here because of his own choices.”
Defense lawyer Herbert Stern said his client might have misjudged his company’s financial position, but did not have material inside information that persuaded him to ditch his stock. He said Nacchio based his rosy numbers on an assessment by outside consultants.