DENVER-
Prosecutors on Thursday gave former Qwest chief Joe Nacchio’s attorneys a list of witnesses they may call during his insider trading trial and said it may take up to 15 days to present their case.
The list, which was not made public, is expected to include former Qwest Communications International Inc. executives who knew about the financial condition of the company when Nacchio sold stock in 2001.
During a hearing, U.S. District Judge Edward Nottingham told prosecutors that it appeared they could wrap up their case in eight days based on the witness list. He has set aside about two months for the trial beginning March 19.
Nottingham also rejected a defense request to give prospective jurors a second written questionnaire, saying it was unnecessary because many of the questions would be posed in court anyway. An initial questionnaire designed to identify disqualified candidates was to be sent with juror summonses.
Nottingham then closed the hearing so he and the attorneys could privately discuss classified government documents that may be used at trial but are protected from public release by federal law. Attorneys and the judge are working on substitute explanations for the material that will be used at trial.
Nacchio, who is free on bail, is accused of selling $101 million worth of stock in 2001 based on inside knowledge that the Denver-based company, the main telephone service provider in 14 mostly Western states, would be unable to meet revenue targets.
He has pleaded not guilty to 42 counts, each carrying a penalty of up to 10 years in prison and a $1 million fine.
Defense lawyers have said Nacchio believed Qwest would get hundreds of millions of dollars worth of classified government contracts that made him more optimistic about the company’s financial future.
Nacchio also is one of several former Qwest executives accused by the Securities and Exchange Commission in a pending civil case alleging they orchestrated a financial fraud that forced the company to restate billions of dollars in revenue.
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