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• May 16, 2008 4:50 am US/Mountain
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  Nacchio Asks Court To Deny Full Appellate Review

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Nacchio Asks Court To Deny Full Appellate Review

DENVER (AP) ― Joe Nacchio's attorneys asked an appeals court Thursday to allow to stand a ruling that overturned the former Qwest CEO's insider trading conviction.

Nacchio was convicted in April 2007 of 19 counts of illegally selling $52 million worth of stock. Prosecutors argued he made the trades when he knew Qwest Communications was at financial risk but didn't tell investors.

Nacchio was sentenced to six years in prison but remained free on appeal.

A three-judge panel from the Tenth U.S. Circuit Court of Appeals overturned Nacchio's conviction in March. It concluded the judge improperly excluded trial testimony from an expert defense witness.

Federal prosecutors want the full appellate court to reconsider the decision but Nacchio attorneys say the March ruling didn't establish a legal precedent so the request should be denied.

(© 2008 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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