Nacchio jury dismissed for day
By Andy Vuong, Staff Writer
Monday, April 16, 2007
Article Last Updated: 04/16/2007 05:12:49 PM MDT
Jurors in the criminal insider trading case of former Qwest
chief executive Joe Nacchio completed their third day of
deliberations without reaching a verdict.
Unlike the first day when they had several questions for the
judge, jurors have kept to themselves during the past two days
of deliberations, an indication that they may be thoroughly
examining the evidence.
"You've put in another long day," Judge Edward Nottingham told
jurors before excusing them for the day at 5 p.m.
The jury of eight men and four women will reconvene Tuesday at
Nacchio, his family and attorneys arrived at the courthouse this
afternoon just prior to the jury's dismissal. Prosecutors Cliff
Stricklin and Colleen Conry have been in the courthouse at
various times throughout the day. They were joined at the
prosecution table this afternoon by fellow prosecutors Leo Wise,
Kevin Traskos and James Hearty.
While the jury deliberated today, the parties in the case
continue working behind the scenes on other issues.
Nacchio's attorneys filed a response, under seal, connected to
their claim that Nacchio's constitutional right to mount a
defense was hindered because of the court's rulings on certain
classified information. The defense filed the claim last
Monday, to which the government promptly responded. The
defense's response to the government's response was filed Friday
and made publicly available today.
The filings have all been redacted. The classified information
issue is connected to the contention that Nacchio believed Qwest
was in line to receive lucrative government contracts, boosting
his outlook for the company. The issue was raised on a few
occasions by Nacchio's attorneys during cross-examination of
government witnesses, but the defense didn't call any witnesses
during its case to speak about the argument.
After nearly four weeks of testimony, the case was given to the
jury on Thursday.
Interest in the case continues to build as the trial nears
The tenth floor of the courthouse, where jurors are
deliberating, is littered with local and national press
Nacchio is charged with 42 counts of illegal insider trading.
Each count carries a maximum penalty of 10 years in prison and a
$1 million fine. Nacchio could also be required to forfeit up to
$100.8 million -- the gross proceeds on the alleged illegal
insider trades during the first five months of 2001 -- if he is
convicted on all 42 counts.
Nacchio's attorneys have contended that he was upbeat about the
company and was forced to exercise and sell stock options that
had looming expiration dates.