Ex-Qwest CEO may face civil charges
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Civil charges may be coming in the near future for the former leader of Denver-based Qwest Communications International Inc. The Wall Street Journal reported Monday that Joseph P. Nacchio, former CEO of the
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Dow Jones & Co. Inc.  board member David Li, a prominent Hong Kong banker, may face civil charges in a U.S. Securities and Exchange Commission insider trading investigation linked to News Corp.'s  $5 billion bid for the U.S. media company.
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Former WorldCom Inc. chief executive Bernard Ebbers has indicated he will seek reimbursement from the company for his millions of dollars in legal bills.
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Qwest Communications International Inc., the regional telecommunications company, agreed Thursday to pay $250 million to settle allegations that it engaged in &quot;massive financial fraud&quot; by improperly booking $3.
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DENVER - Qwest communications agreed to settle a federal fraud investigation Friday, according to a union official. A company spokesman declined to comment.
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DENVER -- In the rapidly consolidating telecommunications industry, Qwest Communications International Inc. is increasingly looking like the odd man out after MCI Inc. rebuffed its multibillion-dollar takeover bid.
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Thursday&#39;s agreement between Qwest Communications and federal regulator settles allegations of &quot;massive financial fraud&quot; at a price of $250 million.
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Qwest Communications belonged to a business alliance that won a rich national security contract in the summer of 2001, undermining claims that authorities retaliated against its former chief executive for refusing to support an unidentified government program earlier that year, prosecutors said in...
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Qwest Communications has agreed to pay $250 million to settle a Securities and Exchange Commission investigation into its accounting practices.
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DENVER - Qwest Communications International Inc. lost $569 million in the third quarter, in part because of a $250 million charge that included higher reserves for potential liability from investigations and securities actions, the company said Thursday.
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THREE senior officials running one of Americaâs junior stockmarkets could face civil charges relating to its options market, following a probe by US watchdog the Securities and Exchange Commission.
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DENVER -- Richard Notebaert, who took over as head of Qwest Communications as the telecommunications company coped with an accounting scandal, said Monday he will retire as chairman and chief executive officer.
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(InfoWorld) - Prosecutors are recommending that former Qwest Communications International chief Joseph Nacchio serve more than seven years in prison for insider trading during the telecommunications boom. Nacchio, who was CEO of Qwest from 1997 to 2002, would serve 87 months plus three years' probation, and pay as much as $19 million in fines, under the recommendation filed Friday by federal attorneys. He wasÂ convicted in federal courtÂ in April of 19 counts of insider trading involving $52 million in stock sales. He was cleared on 23 other insider-trading counts. Following the prosecutors' sentence recommendation to Judge Edward Nottingham of the U.S. District Court for the District of Colorado, in Denver, Nacchio's lawyers on Friday asked for a reduction in the recommended sentence. They cited good works by Nacchio and the possible effect of a long sentence for Nacchio on the health of two of his family members. In their filing, the government's attorneys said Nacchio deserved a sentence at the high end of the scale because of brazen lies to investors, the size of his ill-gotten gains, and other factors. He faces a maximum possible sentence of 10 years in prison and a $1 million fine for each count, plus a forfeiture of assets. Qwest is a regional incumbent telecommunications provider that serves several states in the West and Midwest. Nacchio resigned in 2002 amid concerns from shareholders about his $27 million annual compensation package. In 2005, the U.S. Securities and Exchange Commission charged him and other Qwest executives with fraud, saying they misrepresented one-time sales of network capacity as recurring revenue in order to boost the company's stock price. Nacchio unloaded his own stock while predicting strong growth, all the while knowing about problems with Qwest's performance, the government charged.
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LOS ANGELES - A former executive at mortgage lender Countrywide Financial Corp. was charged yesterday with insider trading after he sold stock before the company disclosed negative earning results three years ago, regulators said.
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Qwest Chairman and CEO Richard Notebaert, brought in to take over after Joseph Nacchio was indicted for insider trading in 2002, will retire after making the carrier profitable.
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Former Qwest Communications executive Thomas Hall agreed on Friday to plead guilty to an unspecified charge that will wrap up the first criminal case brought as part of the government&#39;s
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Qwest Communications International Inc.  CEO Richard Notebaert said on Monday he plans to retire as soon as a replacement can be found, sending the company's shares down almost 6 percent.