From the end user help:
While an audio conference is in-progress, as a leader you can access special options for this conference from your phone. Press the # (pound/hash) key twice to get to the main menu, and then use these options:
•Mute the conference
1.From the main menu, press 1 to mute the conference.
2.Press 1 again to turn off mute.
3.Press * (star) to return to the conference.