Article

Qwest Deliberations Likely Today


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.

Previous:
8th Circuit Reconsiders Abortion Issue

Next:
Poll Majority: Gonzales Should Resign


We welcome your comments, but please adhere to our comment policy. Flag comment for moderator.

Commenting is not available in this channel entry.