Bill Leone, the lead prosecutor in the insider trading case against former Qwest chief executive Joe Nacchio, said today that he plans to leave the Department of Justice and go back to private practice.
Leone said he has informed Troy Eid, the incoming U.S. attorney for Colorado, of his plans to withdraw from the case.
“I have advised the new United States attorney and the department that I would like to return to private practice as soon as that’s possible,” Leone said an interview. “I have agreed with both the department and the new U.S. attorney to remain involved in the case as long is necessary to make sure that the case is well handled and smoothly transitioned to someone else.”
Leone is the acting U.S. Attorney for Colorado. He was the lead prosecutor in a largely unsuccessful fraud trial of four former Qwest executives in 2004, which resulted in no convictions. Jurors complained that the case was too complex.
“They tried to cover too much evidence that wasn’t necessary to the case,” jury foreman George Gerstle said after the seven- week trial.
Two of the defendants were acquitted. The jury deadlocked on some of the charges against two other defendants, who later plea-bargained to lesser charges and agreed to cooperate with investigators.
Leone is a veteran corporate lawyer hired by former U.S. Attorney John Suthers in 2001. Suthers said he hired Leone for his ability to handle complex corporate cases. Leone, who grew up in Trinidad, said he plans to stay in Colorado.
A trial date for the Nacchio case hasn’t been set.
Staff writer Andy Vuong can be reached at 303-820-1209 or avuong@denverpost.com.
