Your link isn't even an account of the trial or the details of the charges, it's just one guy disputing one version of the Nacchio story.
The "fraud" involved an overly optimistic assessment of Qwest's future. That might indeed legally be fraud but it's hardly blatant in the sense one might argue it's a fairly common occurrence and most instances of such behavior go to civil, not criminal court.
"In its case, the government stated that Nacchio continued to tell Wall Street that Qwest would be able to achieve aggressive revenue targets long after he knew that they could not be achieved. This helped it buy up regional phone rival US West, the government alleges."
The "fraud" involved an overly optimistic assessment of Qwest's future. That might indeed legally be fraud but it's hardly blatant in the sense one might argue it's a fairly common occurrence and most instances of such behavior go to civil, not criminal court.
"In its case, the government stated that Nacchio continued to tell Wall Street that Qwest would be able to achieve aggressive revenue targets long after he knew that they could not be achieved. This helped it buy up regional phone rival US West, the government alleges."
http://en.wikipedia.org/wiki/Joseph_Nacchio#Insider_trading....