SEC settles suit with Qwest's former CEO Joseph Nacchio

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.

For more:
- abcnews has this article via AP

Related articles:
Qwest's Nacchio will serve out prison term
Joe Nacchio, former CEO of Qwest - Telecom Turkeys of 2009
Nacchio won't get a new trial
Court denies Nacchio's latest appeal
Nacchio could have prison sentence reduced
Avoiding another Nacchio
Supreme Court lingering over Nacchio case
Nacchio's new prison date: April 14

Suggested Articles

Google is spending $1.1 billion to bulk up its data center footprint in the Netherlands.

Colt Technology Services and the Global Leaders Forum announced Monday that they are preparing the launch of a blockchain-enabled settlement platform.

Using its Cloud Connect Dynamic Connections platform, CenturyLink is turning up cloud connections for enterprises in Microsoft Azure,