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

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