Key Witness Takes Stand in Nacchio Trial

By: AP Email
By: AP Email

Denver (AP) A former Qwest investor relations executive returns to the stand Thursday in the insider trading trial of ex-CEO Joseph Nacchio.

It will mark the third day that Lee Wolfe has testified in the case where Nacchio is accused of illegally selling $101 million of stock.

Wolfe says Nacchio repeatedly told analysts Qwest was growing in 2000 and 2001. But Wolfe says Nacchio didn't mention that one-time sales were used to help meet revenue goals until August and September of 2001.

Nacchio is accused of 42 counts of insider trading. Prosecutors say Nacchio sold the stock in the first five months of 2001 because he had non-public information that Qwest could be in financial trouble.

Denver-based Qwest communications international incorporated is the primary telephone service provider in 14 mostly western states.

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