DENVER (AP) -- A federal appeals court has reinstated the insider trading conviction of former Qwest CEO Joe Nacchio.
The full 10th U.S. Circuit Court of Appeals on Wednesday reversed an earlier ruling by a three-judge panel that had overturned the conviction.
The three-judge panel had ruled the trial judge improperly barred testimony from a defense witness. On a 5-4 vote, the full court disagreed.
Nacchio's attorney, Maureen Mahoney, didn't immediately return a call.
A jury convicted Nacchio in 2007 of 19 counts of insider trading while acquitting him on 23 counts of the same charge.
Federal prosecutors alleged Nacchio sold $52 million worth of stock at a time when he knew Denver-based Qwest Communications International Inc. was at risk while other investors did not.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
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