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Nacchio Claims Prosecutorial Misconduct

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May 2, 2006 10:12 am US/Mountain

Nacchio Claims Prosecutorial Misconduct

DENVER (AP) ― Former Qwest chief executive Joe Nacchio has accused prosecutors of misleading grand jurors when the federal government sought an indictment against him.

The claims were part of Nacchio's court filing asking that 42 counts of insider trading against him be dismissed. His attorneys claim federal prosecutors were rushing to beat a 5 year statute of limitations on trades he made in early 2001.

Attorneys said prosecutors deliberately blurred the lines between federal law on insider trading and Qwest's internal policy.

A spokesman for the U.S. attorney's office in Denver calls the allegations unfounded. Lawyers not involved in the case think it will be difficult for Nacchio to prove his claims.

Nacchio was indicted in December on 42 counts of insider trading. He's accused of illegally selling off $101 million in stock after privately learning the company might not meet its financial goals.

Nacchio pleaded not guilty and was free on bond.

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 This material may not be published, broadcast, rewritten, or redistributed.)

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