U.S. District Judge Edward Nottingham said Friday that he may have to hold at least one more closed-door hearing to discuss classified information in the criminal insider-trading case against former Qwest chief executive Joe Nacchio.
Nottingham also set a Feb. 6 deadline for the prosecution and defense to file status reports that indicate where they are in terms of determining what classified information will be introduced during trial.
Nottingham said he will hold the closed-door hearings on an “expedited process” to ensure that the trial will begin on schedule. The trial is set to begin March 19 and could last up to 7 1/2 weeks.
“This case is going to be tried on March 19, folks,” Nottingham said during a 45-minute conference open to the public.
There have been four closed-door hearings in the case. For the most part, the closed hearings have been held to review classified information that Nacchio’s attorneys plan to use to defend him against 42 counts of illegal insider trading connected to his sale of $101 million in Qwest stock in early 2001. Nacchio has pleaded not guilty. He faces up to 10 years in prison and a $1 million fine for each count, if convicted.
Prosecutors allege he knew the company’s finances were faltering. Nacchio, who left the company in mid-2002, has denied any wrongdoing.
Nacchio’s attorneys have said they want to use classified information to argue that Nacchio had a rosy outlook for Qwest in early 2001 because he knew the company was in line to receive large government contracts.
The defense has contended that the government has been slow in turning over evidence. Nottingham told the government on Friday to turn over evidence to the defense within 48 business hours of entering it into their own files.
Staff writer Andy Vuong can be reached at 303-954-1209 or avuong@denverpost.com.
