FACTBOX: Former Qwest CEO's conviction overturned

A U.S. appeals court on Monday threw out the insider trading conviction of former Qwest Communications International Inc (Q.N: Quote, Profile, Research, Stock Buzz) Chief Executive Joseph Nacchio, ordering a new trial in front of a different judge on the grounds that an expert witness for the defense was improperly barred from testifying.

Following are developments in the case:

* Nacchio was hand-selected by Qwest founder Philip Anschutz to lead Qwest in 1997 and quickly built the start-up into one of the largest telecommunications companies in the United States before an accounting scandal nearly drove it into bankruptcy. He resigned in 2002.

* In December 2005, Nacchio was indicted by a federal grand jury in Denver on 42 counts of insider trading. Prosecutors said he illegally sold $100 million of Qwest stock while concealing the company's mounting financial woes from Wall Street.

* In April 2007, Nacchio, who did not testify in his own defense during the 15-day trial, was convicted on 19 of the 42 counts. Federal prosecutor Troy Eid told reporters after the verdict, "Convicted felon Joe Nacchio has a nice ring to it."

* In July 2007, U.S. District Judge Edward Nottingham sentenced Nacchio to six years in prison and fined him $19 million. Nacchio was also ordered to forfeit $52 million but was allowed to remain free on bail during his appeal.

* In October 2007, his attorneys appealed, saying the conviction should be overturned on several grounds, including a decision by Nottingham to bar testimony by a key defense witness.

* On Monday, the 10th U.S. Circuit Court of Appeals voted 2-1 to overturn Nacchio's conviction, agreeing that the defense expert should have been allowed to testify. The court ordered that he be retried before a new judge.

(Reporting by Dan Whitcomb)