Nacchio jury released for weekend
By Andy Vuong, Staff Writer
Friday, April 13, 2007
Jurors in Joe Nacchio's insider trading case were sent home for
the weekend after they completed their second day of
deliberations without reaching a verdict.
The 12-member jury, which consists of eight men and four women,
will resume deliberations Monday at 8:45 a.m. Jurors, who sent
two notes to the judge on Thursday, apparently didn't have any
"Let's call it a day," Judge Edward Nottingham told the jurors
at 5 p.m.
"I'm going to excuse you not only for the day, but for the
weekend," he said.
"Have a good weekend," Nacchio told reporters as he left the
Nacchio, his family and attorneys had arrived at the courthouse
this afternoon for the dismissal of the jury.
Today concludes the fourth
week of the trial in U.S. District Court in Denver.
In other case developments, the justice Department wants the
former Qwest chief executive to forfeit the entire $100.8
million in gross proceeds from alleged illegal stock sales in
early 2001, if he is convicted on all 42 counts of insider
trading, prosecutor Kevin Traskos said in a court filing this
There was discussion during the trial about whether Nacchio, if
convicted, would have to forfeit the gross proceeds, which
doesn't take into account taxes and the strike price he paid on
his stock options.
"In the event that the jury returns a guilty verdict on any
counts, forfeiture as to those counts will be mandatory,"
Traskos wrote in today's filing. "The United States intends to
request, for any count on which the jury reaches a guilty
verdict, (a) money judgment equal to the amount of the gross
proceeds of the sale relating to that count."
The government wants Judge Edward Nottingham, and not a jury, to
determine the amount of money Nacchio would forfeit.
The first two counts in the indictment are connected to about
$14 million in direct stock sales. The remaining counts are tied
to a stock options that had a strike price of $5.50.