Global Crossing Ends Three-Year Probe

Long-distance carrier Global Crossing and three of its former executives have settled a three-year investigation by regulators into the company's accounting practices. The Securities and Exchange Commission yesterday ordered former executive vice president of finance Joseph P. Perrone, former chief financial officer Dan Cohrs, and former chief executive Thomas J. Casey to pay $100,000 fines and demanded that both the company and the executives not commit future violations. The settlement ended a protracted investigation into whether Global Crossing artificially inflated revenue by swapping fiber-optic network capacity with other telecommunications carriers. The company did not admit or deny the findings.