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."

For background on the Nacchio case, see Nacchio Convicted on 19 Counts of Insider Trading here; Nacchio Sentenced to Six Years in Prison here; and Nacchio Granted Bail Pending Appeal here.

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