Closing arguments heard in Nacchio trial

The defence for former Qwest CEO, Joe Nacchio, used five hours to present its closing statement Wednesday as representation from both sides drew a close to proceedings.

Nacchio’s defence produced financial data and read back witness testimony in its final attempt to counter the prosecution’s allegation that he knowingly and illegally dumped $101m of the company’s stock when the company was failing.

The prosecution drew a picture of a man who worked overtime to create a healthy image for the ailing firm, while at the same time he was busy selling his own shares.

Judge Edward Nottingham told jurors Wednesday that once the defence and prosecution have finished their closing arguments they can begin deliberating on Thursday.