AUSWR
The Association of U S West Retirees
 

 

 

Ex-Qwest executive fined $250,000 for wire fraud
By Rocky Mountain News
Friday, March 3, 2006


Former Qwest Communications International Inc. executive Marc B. Weisberg was fined $250,000 Friday and sentenced to 60 days of home detention after pleading guilty to wire fraud.  Prosecutors accused Weisberg of earning $2.9 million for himself, family members and friends between 1999 and 2001 by demanding that vendors offer them stock in return for doing business with the Denver-based telecommunications company.

Weisberg was a senior vice president who oversaw investments, mergers and acquisitions for Qwest.

He was indicted in February 2005 on eight counts of wire fraud and three counts of money laundering and could have faced decades in prison and huge fines.

On Dec. 28, he pleaded guilty to a single count of wire fraud in a deal that requires him to cooperate with prosecutors trying to convict former Qwest chief executive officer Joseph Nacchio of illegally dumping more than $100 million of company stock while publicly touting Qwest’s finances.

Nacchio has denied wrongdoing.

http://www.rockymountainnews.com/drmn/tech/article/0,2777,DRMN_23910_4512030,00.html