Jury selection in the trial of former Qwest Communications International Inc. CEO Joe Nacchio began on Monday morning in Denver.
The federal government has charged Nacchio with taking part in insider trading for sales of $100.8 million in Qwest stock between Jan. 2, 2001, and May 29, 2001. Each of the 42 counts he faces carries a maximum penalty of 10 years in prison and fines up to $1 million. The government has been trying since late 2005 to force Nacchio to forfeit the proceeds he made from the stock sales.
Nacchio has repeatedly denied any wrongdoing. He oversaw the nations now third-largest local phone company as it lost $100 billion in market value during the telecom downturn.
Qwest Communications International Inc. www.qwest.com