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Nacchio Case Built On Stock, Not Accounting

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Jan 20, 2006 3:22 pm US/Mountain

Nacchio Case Built On Stock, Not Accounting

DENVER (AP) ― A federal prosecutor said the government doesn't have to prove accounting fraud at Qwest Communications in order to convict former chief executive Joe Nacchio of insider trading.

United States Attorney William Leone made the argument in a court filing Thursday ahead of Friday's pretrial conference.

Leone contends he'll need to prove Nacchio sold stock even though he knew inside information about Qwest's financial troubles. Leone said that doesn't require proof of accounting wrongdoing.

Telephone messages left for two of Nacchio's attorneys were not immediately returned.

Nacchio, 56, is accused of improperly selling $101 million of stock in 2001. Each count carries a penalty of up to 10 years in prison, and a $1 million fine.

Nacchio has pleaded not guilty and remains free on bond.

Denver-based Qwest Communications International Incorporated is the primary telephone service provider in 14 mostly Western states.

(© 2006 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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