Former Qwest Chief Charged With Securities Fraud

[David Farber <dave () farber net>]

Former Qwest Chief Charged With Securities Fraud
 By THE ASSOCIATED PRESS
  
Published: March 15, 2005

 

Filed at 6:10 p.m. ET

DENVER (AP) -- The Securities and Exchange Commission charged former  Qwest
Communications CEO Joseph Nacchio and six other executives Tuesday with
orchestrating a ``massive financial fraud'' at the telecommunications
company that concealed the source of billions of dollars in revenue later
wiped off the books.

The civil lawsuit blamed Nacchio and others for creating a ``culture of
fear'' and putting enormous pressure on employees to meet revenue and
earnings goals through bogus sales procedures that became an addiction.

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