June 1, 2007
Former Qwest CFO Settles Fraud Charges
On June 1, the SEC announced settlement of charges action against Robin R. Szeliga, former chief financial officer of Qwest Communications International Inc. Szeliga consented to the entry of the judgment that enjoins her from securities law violations directs her to pay $226,135 of disgorgement, plus $100,917 of prejudgment interest, and a $250,000 civil penalty; and prohibits her from acting as an officer or director of a public company. Szeliga's misconduct occurred when she was Qwest's senior vice president of financial planning and analysis and then chief financial officer. According to the SEC's complaint, from at least April 1, 1999, through March 31, 2002, Szeliga and others at Qwest engaged in a massive financial fraud that hid from the investing public the true source of the company's revenue and earnings growth.
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