SEC reaches settlement with ex-Qwest CEO Nacchio
DENVER (AP) - The Securities and Exchange Commission has reached a settlement with former Qwest Communications International Inc. Joseph Nacchio in a civil lawsuit against him.
The lawsuit accused Nacchio and other former executives at Denver-based Qwest of misleading investors by not specifying how much of the telecommunication company's revenue between 1999 and 2002 was one-time and how much was recurring.
A federal judge must approve the settlement. Court filings Thursday show Nacchio wouldn't admit guilt but would agree never to serve as an officer of a public company again.
He previously was fined $19 million and ordered to forfeit $44.6 million on criminal insider trading convictions. The settlement wouldn't order him to pay anything more.
Nacchio's attorney didn't immediately return a message.
The lawsuit accused Nacchio and other former executives at Denver-based Qwest of misleading investors by not specifying how much of the telecommunication company's revenue between 1999 and 2002 was one-time and how much was recurring.
A federal judge must approve the settlement. Court filings Thursday show Nacchio wouldn't admit guilt but would agree never to serve as an officer of a public company again.
He previously was fined $19 million and ordered to forfeit $44.6 million on criminal insider trading convictions. The settlement wouldn't order him to pay anything more.
Nacchio's attorney didn't immediately return a message.