From the Denver Post, July 15, 2005:
Other cases pending against former Qwest executives
The U.S. Securities and Exchange Commission has sued former Qwest executives for "massive financial fraud". The key players, in addition to Szeliga, who were sued, and the status of their cases:
Joe Nacchio, former Qwest chief executive. Alleged to have created an aggressive, make-the-revenue-numbers culture. The SEC claims he pocketed insider-trading profit of as much as $176.5 million. Has denied all charges. His case is pending.
Afshin Mohebbi, former president and chief operating officer. Alleged to have concealed secret side agreements as part of suspect fiber-optic swaps designed to bolster quarterly revenue. He had denied all charges. His case is pending.
Robert Woodruff, chief financial officer until March 2001. Alleged to have cut revenue details out of the 1999 annual report. The SEC claims his insider-trading profits were as high as $36.8 million. He has denied all charges. His case is pending.
Gregory Casey, former executive vice president of the wholesale-business unit. Alleged to have falsified documents as part of a fraudulent scheme to help inflate earnings. He has agreed to settle.
In addition to Szeliga, the U.S. Justice Department has criminally charged one other former high-ranking Qwest executive:
Marc Weisberg, former senior vice president in charge of corporate investments. He pleaded not guilty to 11 charges of wire fraud and money laundering. Prosecutors claim he made $2.9 million in profits by secretly buying low-priced stock and stock options from Qwest vendors and other companies before those shares were sold in IPOs. This case is pending.
Denver Post research by John Wenzel.