BusinessCompany NewsFormer Qwest CEO guilty of accounting scandal

Former Qwest CEO guilty of accounting scandal

Qwest CEO found guilty of illegally selling stock

Former Qwest Communications CEO Joe Nacchio was found guilty of illegally
selling $52m in stock at the business, creating an accounting
scandal
that saw the company restate billions of dollars in revenue.

In 2001
Qwest
met a quarterly result target but did not reveal to the market this had been
achieved through one-off stock sales.

Former Qwest CFO Robin Szeliga is serving probation on one count of insider
trading that occurred at the same time as Nacchio’s sales.

Nacchio is expected to appeal, reported Associated Press.

Further reading:

Ex-Qwest finance chief reaches ‘tentative’
settlement

Qwest set to write off a further $35bn

Qwest forced to restate accounts by
£1bn

Related Articles

M&S business rate liabilities based on £570m rateable value

Company News M&S business rate liabilities based on £570m rateable value

4m Emma Smith, Managing Editor
BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

8m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

1y Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

1y Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

1y Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

1y Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

1y Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

1y Emma Smith, Managing Editor