Federal public prosecutors have got zeroed in again on former Qwest Communications International head executive director Chief Joseph Nacchio and agued that the insider-trading strong belief against Nacchio should be upheld.
Nacchio is battling a jury strong belief and a six-year prison sentence. In a filing Friday in Denver, public prosecutors argued against Nacchio's ailment that U.S. District Judge Prince Edward Nottingham had refused to let him to present secret concern trades involving that Qwest had been negotiating. Nacchio also maintained that the justice had improperly given instruction manual to the jury that subsequently convicted him.
In an 83-page legal brief attacking Nacchio's claims, Assistant U.S. lawyer Stephan Oestreicher Jr. wrote that "a sensible jury could reason that Nacchio dumped his stock on the footing of the desperate studies he had just received; the information was material; and Nacchio knew as much."
A jury establish Nacchio guilty of 19 counts of insider trading in April; the jury establish that Nacchio had sold $52 million in Qwest stock in a time period when he knew the company was at fiscal risk.
On the prognoses Nacchio and other Qwest executive directors made, Oestreicher said Nacchio knew that the company was relying on one-time sales of fibre eye gear wheel but coverage it as recurring.
Oestreicher wrote that the prognoses were not vague, but "were difficult facts about the present quality and sustainability of Qwest's gross -- facts that Nacchio and his executive directors agreed would, if disclosed, surprise investors and cause Qwest's stock terms to plummet."
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