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3/15/2005
Former Quest Execs Face SEC Suit
Hot off Reuters:
SEC Sues Ex-Qwest CEO Nacchio, Six Others

Tuesday March 15, 2:03 PM EST

DENVER, Colo, (Reuters) - The U.S. Securities and Exchange Commission on Tuesday sued former Qwest Communications International Inc. (Q) Chief Executive Joseph Nacchio and six other former executives, accusing them of perpetrating a massive financial fraud on investors.

The lawsuit, filed in Denver federal court, alleged that the Qwest management team filed false financial statements that hid the true source of the company's revenues between April 1999 and March 2002.

The scheme caused the Denver-based phone company to fraudulently report about $3 billion of revenue and also facilitated the company's June 2000 merger with US West Inc., the lawsuit said.
Read the rest at MYWAY News.

-- MDT

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