Former Qwest Executive Settles SEC Action

The SEC announced a settlement with former Qwest Communications executive vice president Gregory Casey, who was one of the defendants in a securities fraud action related to the company's accounting for transactions that were designed to inflate revenues and earnings through round-trip agreements.  As part of the settlement, Casey will pay $1,390,344 of disgorgement (plus $456,481 in prejudgment interest) and a $250,000 civil penalty; he will also be barred for five years from serving as an officer or director of a public company (see Litigation Release here).  The Commission's civil fraud action continues, and among the defendants is Qwest's former CEO, Joseph Nacchio. (ph)