Apr 5, 2007 2:49 pm US/Mountain
Billionaire Anschutz Testifies On Nacchio's Behalf
by Rick Sallinger
DENVER (CBS4/AP) ―
-
-
Qwest founder Philip Anschutz gave testimony Thursday morning, April 5, 2007, in former CEO Joe Nacchio's federal insider trading trial in Denver.
CBS
A Denver federal judge recessed the insider trading trial of Joe Nacchio a few hours early on Thursday to allow prosecutors and defense attorneys time to review evidence that an expert witness plans to present. The early recess came on the same day that Qwest founder Philip Anschutz testified.
Judge Edward Nottingham also ordered the defense to notify prosecutors by Saturday evening whether Nacchio himself will take the stand.
Nacchio, 57, faces 42 counts of insider trading in connection with the sale of $101 million worth of stock in 2001.
Earlier Thursday, Anschutz testified that, at that time, Nacchio wanted to resign from the company as CEO because one of his sons tried to kill himself.
"I was surprised at the news of his son and further fact he wanted to resign from the company," Anschutz said.
Anschutz said Nacchio was "quite agitated, very emotional," and said Nacchio broke down in tears. Anschutz added that Nacchio ended up taking several days off, but eventually returned to work.
The testimony was designed to give jurors an idea of Nacchio's state of mind.
The prosecution made a point to impress upon the jury that Nacchio was given even more money and stock as an incentive to stay.
Nacchio's attorneys have said it should take no more than a-day-and-a-half to present their case to jurors. That means the defense could rest sometime Monday.
The trial will be in recess Friday.
Each count against Nacchio carries a penalty of up to 10 years in prison and a $1 million fine if he's convicted.
Denver-based Qwest is the primary telephone service provider in 14 Midwestern and 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 This material may not be published, broadcast, rewritten, or redistributed.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.)
Click to enlarge
Click to enlarge
Stumble It!
