Mar 20, 2007 12:19 pm US/Mountain
Jury Seated In Nacchio Trial
Former Qwest CEO Charged With 42 Counts Of Insider Trading
by Rick Sallinger
DENVER (CBS4/AP) ―
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Former Qwest CEO Joe Nacchio arrived at the federal courthouse in Denver Monday morning, March 19, 2007 for the start of jury selection in his insider trading trial.
CBS
A federal jury of 11 men and seven women was seated Tuesday in the insider trading trial of former Qwest Communications chief Joe Nacchio.
Six of those are alternates.
Twenty-five prospective jurors were excused Monday for various reasons. The selection process resumed Tuesday morning and had been going on for about an hour when the panel was completed.
In opening statements Tuesday, Assistant U.S. Attorney James Hearty alleged Nacchio deceived investors when he sold $101 million of Qwest stock before share prices plummeted in 2001.
Nacchio's attorney said the federal insider trading case against his client is incorrect.
Nacchio, 57, is facing 42 counts of insider trading, stemming from allegations that he improperly sold $101 million worth of stock in 2001.
The sale allegedly took place based on internal, nonpublic information that Qwest was at financial risk.
Qwest later restated $2.2 billion in revenue.
Nacchio resigned under pressure in 2002. He could face 10 years in prison and a $1 million fine on each count if convicted.
Denver-based Qwest is the primary phone service provider for 14 mostly Western states.
(© 2007 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
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