Jury considering Nacchio's fate

The insider-trading case against Joseph Nacchio, former CEO at Qwest Communications, is in the hands of the jury, which is its second day of deliberations.

Nacchio faces up to 10 years in prison if found guilty of illegally selling Qwest stock for $100.8 million. The trial started four weeks ago.

Nacchio resigned in June 2002, a year after his last Qwest stock sale. The Department of Justice began its criminal investigation of Nacchio a month after he resigned. The government says Nacchio sold his stock based on privileged information that the company’s financials were in trouble.

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The insider-trading case against Joseph Nacchio, former CEO at Qwest Communications, is in the hands of the jury, which is its second day of deliberations.

Nacchio faces up to 10 years in prison if found guilty of illegally selling Qwest stock for $100.8 million. The trial started four weeks ago.

Nacchio resigned in June 2002, a year after his last Qwest stock sale. The Department of Justice began its criminal investigation of Nacchio a month after he resigned. The government says Nacchio sold his stock based on privileged information that the company’s financials were in trouble.

Nacchio’s lawyers portended that he was “upbeat” about the carrier and that he was preoccupied with personal issues with his family. According to reports, one of Nacchio’s college-aged sons attempted suicide in the months before his $100.8 million sale.

In March, 2005, the SEC accused Nacchio of insider trader. Later in the year he was indicted.

According to a report in The Denver Post, the jury’s foreman is a United Airlines pilot. Others on the jury considering his future include an engineer, administrative workers and retirees, according to the story.

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