Set For Change-Of-Venue Motion In Nacchio Case
Friday, July 22, 2006
DENVER (AP)--A judge set an end-of-the-month deadline Friday
for Joe Nacchio to submit an expected motion seeking to move
his insider trading trial from Denver, saying the former
Qwest chief's attorneys have had ample time to research the
U.S. District Judge Edward Nottingham gave Nacchio's
attorneys until July 31 to submit the motion and prosecutors
until Aug. 18 to submit a response. A motions hearing is
set Aug. 25.
"It has now been over two months since the referenced motion
was filed," Nottingham wrote. "Since defendant had
anticipated a change-of-venue motion from the beginning, and
has now had two more months to perfect his research, the
time has come to get the issue on the table."
Nacchio's attorneys and prosecutors did not return telephone
messages seeking comment.
Nacchio is charged with 42 counts of insider trading
accusing him of selling $ 101 million in stock in 2001 based
on inside knowledge that Qwest Communications International
Inc. would be unable to meet targets because it had
improperly used nonrecurring revenue to meet those goals.
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 bail.
Nacchio's attorneys said in May they wanted to move the
trial out of Denver, contending that the former chief
executive officer could not receive a fair trial in Qwest's
hometown. They asked the judge for time to research the
issue but did not provide a specific date for filing the
Prosecutors said there was no reason for a delay because
Nacchio's attorneys had said previously they planned to seek
the change in location.
In addition to the criminal case, Nacchio is one of several
former executives accused by the Securities and Exchange
Commission of orchestrating a financial fraud that forced
Qwest to restate billions of dollars in revenue.
The SEC has said fraud occurred between April 1999 and March
2002 which allowed Qwest to improperly report approximately
$3 billion in revenue that helped clear the way for its 2000
acquisition of the Baby Bell, U S West.
(END) Dow Jones Newswires 07-21-061858ET Copyright (c) 2006
Dow Jones & Company, Inc.