It's a conspiracy theory because Nacchio was actually guilty of insider trading regardless of what the NSA may have done. From the court decision which you did

It's a conspiracy theory because Nacchio was actually guilty of insider trading regardless of what the NSA may have done. From the court decision which you didn't bother to read: >Even if the classified information were presented and established what he said it would, it could not exonerate Mr. Nacchio as he claims. Essentially, Mr. Nacchio argued that undisclosed positive information can be used as a defense to a charge of trading on undisclosed negative information. We disagree. … If an insider trades on the basis of his perception of the net effect of two bits of material undisclosed information, he has violated the law in two respects, not none.