Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Friday, 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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