Denver (AP) Prosecutors are expected to wrap up their case against former Qwest CEO Joe Nacchio.
During testimony Tuesday, a financial analyst testified Nacchio was bullish about the company in the spring of 2001. That is the time period in which Nacchio is accused of illegally selling $101 million in stock.
Analyst Drake Johnstone of Davenport and Company says Nacchio didn't reveal how much Qwest relied on one-time sales revenue to make its targets in 2001. He says the first time he saw that information was in an August regulatory filing that Qwest made.
The 57-year-old Nacchio is accused of 42 counts of insider trading.
Defense lawyers say Nacchio believed Qwest would get hundreds of millions of dollars worth of classified government contracts that made him more optimistic about the future of Qwest.
Each of the 42 counts against Nacchio carries a penalty of up to ten years in prison and a $1,000,000 fine.
Denver-based Qwest Communications International Incorporated is the primary telephone service provider in 14 mostly Midwestern and Western states.