Ex-Qwest CFO admits insider dealing


Ex-Qwest CFO admits insider dealing

Antony Savvas

The former chief financial officer of US telco Qwest Communications has pleaded guilty to insider share dealing.

The admission from ex-CFO Robin Szeliga stems from an ongoing investigation into a financial scandal at the company, which saw billions of dollars having to be erased from its reported accounts.

Robin Szeliga, admits improper share trading in 2001 and faces a maximum sentence of 10 years and a $1m (£0.56m) fine after a hearing expected at the end of this year.

The actual punishment is likely to be well below this however, as she is now helping the authorities investigate possible charges against other former employees. 

Investigators are looking at fraud which is said to have taken place up until 2002. Szeliga left Qwest in 2003. 

Bernie Ebbers, founder of rival telco WorldCom, received a 25-year prison term this week on various accounts of corporate fraud.

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