Web www.software-risk.co.uk

The SEC has extracted an agreement with Qwest Communications to pay a $250m penalty. Settling securities-fraud charges was the aim. Qwest did not admit or deny any wrongdoing.

Two instalments of $125m will be paid 12 months apart. The first, 20 business days after the judgement.

After a $750m fine against WorldCom, Qwest's is the second largest in history.

The nature of the alleged misdemeanours has not been divulged. However, one possibility is that irregularities were so widespread the fine had to be massive.

The SEC has in recent year gained further powers under Sarbanes-Oxley to investigate companies. Additionally publicly listed companies such as Denver-based Qwest has to ensure that financial reporting controls are sufficiently robust to be trusted.

Related Articles
SEC Proposes Years Exemption on 404
Sarbanes-Oxley Debacle
Republican Attack on Sarbanes-Oxley
COX - Sooner Rather than Later on SOX Reform
Federal Agencies on Risk
GAO Supports SOX Cost Claims
Panelists Named for Sarbanes-Oxley Roundable
Foreign Companies Repeating US SOX Mistakes

Similar Areas

Sarbanes-Oxley Items

Private Company Items

Accounting Items

Management Items

Selected Books

Keywords

SEC

Qwest Communications

communications

Qwest

securities-fraud

fraud

securities

Sarbanes-Oxley

Sarbanes-Oxley compliance

fines

financial reporting

internal controls