Thursday, July 14, 2005

Ex-Qwest Exec Pleads

DOJ is certainly not letting up on its crackdown in the white collar crime area.  The latest comes in the form of a plea entered by Robin Szeliga, a former CFO of Qwest Communications International Inc .  AP reports here that the plea was "to a single count of insider trading." 

What is significant about this plea is that it provides the government with someone who will assist them in pursuing their investigation. Robin Szeliga stood in a role comparable to Scott Sullivan, a key witness against Bernard Ebbers in his recent trial. Having the CFO testify worked in the Ebbers trial, so the question will be whether it will be as effective for the government in pursuing individuals at Qwest.

While Executive VP at Qwest, Robin Szeliga, testified before the House Comm. on Energy and Commerce at a hearing on "Capacity Swaps by Global Crossing and Qwest: Sham Transactions Designed to Boost Revenues?" (see here). See also SEC Release of March 2005. (here).

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