KANSAS CITY, KAN. ? A former Westar Energy Inc. executive testified Tuesday that government allegations about his dealings in several company-related investments were wrong.

Douglas Lake, the utility’s former executive vice president and chief strategy officer, said there was no way he could have bought enough stock in a spin-off company made up of Westar businesses to take a controlling interest.

Lake also denied government claims that he and former Chief Executive Officer David Wittig pushed Westar to buy a Florida-based home security company so they could reap big gains on stock they owned in the security company.

Lake and Wittig are on trial, charged with looting the largest electric utility in Kansas. Each man faces 40 charges, including fraud and money laundering, and could receive at least 10 years in prison.

The two men deny wrongdoing, saying their actions were legal and approved by the company’s board of directors.

Among the allegations is that Lake and Wittig encouraged board members to approve a deal that would merge Westar, then known as Western Resources, with a New Mexico utility and spin off a series of unregulated businesses into a new company, called Westar Industries. Prosecutors say the two men stood to make millions of dollars from so-called “change in control” payments when the deal was done and planned to take control of the new company.

In Lake’s case, he could have bought a maximum of 550,000 shares in Westar Industries, or less than 1 percent of the total 85.7 million shares offered. Wittig could have bought up to 1.3 million shares, but that would have been only 1.5 percent of the total shares.

“Could you and Mr. Wittig and others (company officials) have controlled the company?” asked Edward Little, Lake’s defense attorney.

Lake, testifying in his own defense for the third day, responded, “No.”

Lake is expected to remain on the stand today.