[IP] Former Qwest Chief Charged With Securities Fraud

[David Farber <dave@farber.net>]

Title:  Former Qwest Chief Charged With Securities Fraud

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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