Joseph Nacchio, Qwest's (NYSE: Q) former disgraced CEO, won another battle as the Securities and Exchange Commission settled their case with the once high-flying executive.
In its lawsuit, the SEC claimed that Nacchio and other executive colleagues falsified what percentage of the service provider's revenue from 1999-2002 was one-time and recurring.
While the settlement still needs a federal judge's approval, documents that were filed last Thursday in a Denver federal court revealed that Nacchio would not admit guilt, but that he would never hold an executive post at another public company.
Nacchio, who is currently serving a six-year prison stint which a judge in June reduced by two months, was required to pay a $19 million fine and forfeit $44.6 million related to his insider-trading activities.
- abcnews has this article via AP
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