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Qwest corporate fraud indictment

[JURIST] Attorney General John Ashcroft announced Tuesday that a federal grand jury in Denver had returned a 12-count indictment charging four former executives of Qwest Communications with corporate accounting fraud. Read a transcript of the Attorney General's announcement, the DOJ press release and the official indictment [PDF]. The US Securities & Exchange Commission also filed civil fraud charges Tuesday against eight current and former officers and employees of Qwest Communications International Inc., alleging they inflated the company's revenues by approximately $144 million in 2000 and 2001 in order to meet earnings projections and revenue expectations. Read the SEC press release and complaint.

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