Article
Qwest Deliberations Likely Today
Posted Apr 11, 2007, 07:52 am CST
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.
Related Stories
- How to Avoid the In-House Ax—and Recover, If It Falls
Nov 19, 2008, 04:34 pm CST - Flip Side of Law Firm Merger Mania: Clients Wonder, What About Our Rates?
Nov 18, 2008, 03:14 pm CST - ‘Recession-Proof Practice’: Advising Employers on Layoffs
Nov 17, 2008, 04:01 pm CST - SEC Sues Billionaire Mavericks Owner Mark Cuban, Alleges Insider Trading
Nov 17, 2008, 11:27 am CST
Related Topics
Commenting is not available in this weblog entry.
Comments
Be the first to comment.