Tuesday, October 9, 2007
Former CEO of Qwest Communications, Joseph Nacchio, filed his appeal in the Tenth Circuit. (The Wall Street Journal discusses the appeal here and provides a copy of the appellate brief here). The defense argues that there is insufficient evidence, and focuses as one aspect of his brief -- on the element of materiality. The defendant argues that:
"The prosecution's evidence fell short in three ways: it failed to demonstrate that Nacchio traded on the basis of inside information; that any undisclosed information in Nacchio's possession was material; or that Nacchio knew that information was material and intended to violate the law."