DENVER—Former Qwest Communications CEO Joe Nacchio has asked a Denver federal court for a new trial less than a month before he is to start serving a six-year prison term for insider trading.
Nacchio argued in a filing late Thursday that a former Qwest chief financial officer offered evidence in a pending civil suit that differs from her testimony in Nacchio’s 2007 criminal trial.
The issue of earnings expectations is critical to Nacchio’s case. Federal prosecutors argued that Nacchio sold Qwest stock knowing that the company’s future earnings were substantially at risk, but that he did not tell investors.
Prosecutors alleged Nacchio sold $52 million worth of stock at a time when he knew Denver-based Qwest Communications International Inc. was at risk.
