Nacchio: Case Never Should Have Gone To Trial

Nacchio was convicted in 2007 on 19 counts of insider trading based on allegations that he sold $52 million worth of stock in 2001 based on nonpublic information that Denver-based telecommunications company Qwest Communications International Inc. might miss its sales targets. He was acquitted of 23 counts of the same charge.

A three-judge panel of the 10th U.S. Circuit Court of Appeals granted Nacchio a new trial last year in a 2-1 ruling on grounds that the trial judge improperly barred the testimony from a financial expert. The full appeals court issued a 5-4 ruling in February reinstating the conviction, saying the trial judge was within his discretion.

Nacchio's attorneys and prosecutors disagree on whether the 10th Circuit ruling conflicts with rulings of other federal appeals courts.

Nacchio began serving a six-year sentence in April at a minimum-security prison camp in Minersville, Pa.