Saturday, May 03, 2008

Prosecutors ask the 10th Circuit Court of Appeals to reconsider its ruling granting a new trial to former QWest executive Joseph Nacchio. "Prosecutors have asked a federal appeals court to review an earlier decision granting a new trial to former Qwest Chief Executive Joe Nacchio. The federal prosecutors asked the full 10th U.S. Circuit Court of Appeals Wednesday to reconsider the case and affirm Nacchio's conviction.A three-judge panel of the appeals court last month threw out Nacchio's conviction on 19 counts of insider trading. It ruled that the trial judge incorrectly excluded the defendant's expert testimony from an expert in economics and securities fraud. Nacchio was convicted last year of illegally selling $52 million worth of stock when he knew that Denver-based Qwest Communications International was at financial risk but didn't tell investors."

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