An appellate court has ordered a new trial for former Qwest CEO Joe Nacchio, saying the trial judge incorrectly excluded expert testimony and classified information important to his defense.
At his trial, a jury concluded Nacchio sold $52 million worth of stock when he knew Denver-based Qwest Communications International Inc. was at financial risk but didn't tell investors. The jury acquitted Nacchio of 23 counts.
Nacchio was sentenced to prison for six years but remained free on bail pending the outcome of his appeal.
Nacchio's conviction in April on 19 counts of insider trading had been considered the largest insider trading prosecution in the nation.