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SEC Settles with Two Former Qwest Execs

The charges involved a $26.6 million overstatement of revenue.

> > Augustine Cruciotti, a former senior VP of Qwestlink, agreed to pay $350,000, including the disgorgement of $200,000 in illegally obtained gains and a civil penalty of $150,000. Steven Haggerty, the former regional VP, agreed to pay a $30,000 penalty. The SEC alleged that Qwest used accounting tricks when it needed to meet sales and earnings targets. Cruciotti authorized side agreements that enabled Qwest to improperly recognize $26.6 million of revenue from three transactions in the first and second quarters of 2001.
Source: CFO


Published:2004-06-28
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