DENVER -- A former Qwest executive testified Thursday in Denver that former CEO Joe Nacchio repeatedly refused to deal with analysts' questions about the impact one-time sales had on the company's stock price.

Lee Wolfe, a former senior vice president of investor relations, said Nacchio told him to tell analysts to buy the stock and shut up.

Nacchio is accused of 42 counts of insider trading for improperly selling stock while privy to internal information that showed Qwest was at financial risk. Each count carries a penalty of up to 10 years in prison and a $1 million fine.

Wolfe told jurors Nacchio intentionally kept investors in the dark about Qwest's real financial status.

As the telecomm industry as a whole began slumping, skeptical investors wanted to know why Nacchio remained so upbeat, Wolfe said.

According to Wolfe, Nacchio said in a private meeting, "Screw 'em. Go tell them to buy (stock)."

Wolfe testified that he sold stock early in 2001 just like Nacchio did. Wolfe told jurors he was concerned about criminal prosecution so he is cooperating with the government.

Prosecutors contend Nacchio dumped the stock, totaling $101 million, in the first five months of 2001 because he knew that Qwest Communications International, a Denver-based telephone service provider in 14 mostly Western states, could be in financial trouble.

At one point, Nacchio was holding more than 20 million shares of Qwest stock.

The defense contends Nacchio was aware of secret, potentially lucrative government contracts that Qwest could win and the money would help the company's financial picture.

Former Qwest board member Craig Slater also took the stand Thursday, telling jurors the company spent more than $30 million to lure Nacchio away from AT&T, saying he was the best man for the job.

Slater also acknowledged the board valued Nacchio's aggressive, confident nature.