Nacchio Juror Says Defense Was Worst Enemy
Trial Evidence In Insider Trial Released
POSTED: 4:38 pm MDT May 10,
2007
DENVER -- One of the jurors who convicted former Qwest Chief Executive Officer Joe Nacchio of insider trading said the defense made it clear to him that Nacchio knew everything about the company's financial future and he shouldn't have been trading his stock.David McCanless told 7NEWS that the defense was its own worst enemy."They convinced me that Mr. Nacchio didn't fall off the turnip wagon and end up in the Qwest board room," said McCanless. "It was arrogance. I think he honestly thought he was going to get away with it."
Nacchio was convicted on 19 of 42 counts of insider trading. He will be sentenced on July 27.Evidence in the trial was released to the public on Thursday. It includes video clips of Nacchio praising the company's future prospects as well as documents showing that insiders were concerned that the company was overstating its potential growth.Thousands of pages of documents showed that Nacchio had plenty of warning that the company was not performing as portrayed. One insider e-mail said 2001 was a year of "failed promises and unpleasant shocks."McCanless told 7NEWS that he was certain the verdict was justified."Nacchio knew what he was doing and there was no way he could feign stupidity," McCanless said.McCanless said the trial was emotionally and physically exhausting. He said he would go home, sleep and dream about being in the courtroom.In the end he believed the system worked and justice was served."It reaffirmed my faith that the American experiment is alive and well and actually fairly healthy," McCanless said.
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