Telecommunications giant Qwest Communications International Inc. agreed to pay $250 million to settle fraud charges brought by the Securities and Exchange Commission.

The commission charged Qwest with securities fraud and other violations, alleging that, between 1999 and 2002, the company fraudulently recognized more than $3.8 billion in revenue and excluded $231 million in expenses in a scheme to meet unsupportable revenue and earnings projections.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access