Former Qwest CEO Joe Nacchio, on trial for insider trading, attempted to hide $90 million by transferring stock into accounts held solely by his wife, a prosecutor motion, quoted by an Associated Press report, said.
The Associated Press report said in the motion filed outside the jury's presence, prosecutor Kevin Traskas asked for permission to introduce evidence about the February 2002 transfer to counter the defense's contention that Nacchio did not sell personal shares of Qwest from 2001 through 2002.
Defense attorney Herbert Stern filed a motion stating that the asset transfer occurred after the time period in which Nacchio is accused of insider trading so it was irrelevant, the report said.
Nacchio has acknowledged exercising stock options in the first five months of 2001 to earn $101 million, which are the transactions at issue in the trial, the report said.
Prosecutors say Nacchio sold the stock while knowing Qwest faced financial troubles that could affect its share price, the report further said.