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Violation Tracker Individual Record

Company: Qwest Communications International Inc.
Current Parent Company: Lumen Technologies
Parent at the Time of the Penalty Announcement:  subscribe to see this data field
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Penalty: $250,000,000
Year: 2004
Date: October 21, 2004
Offense Group: financial offenses
Primary Offense: accounting fraud or deficiencies
Mega-Scandal: Early 2000s Accounting Scandals
Violation Description: Qwest Communications International Inc. agreed to pay $250 million to settle allegations of securities fraud. The SEC had alleged that, between 1999 and 2002, Qwest fraudulently recognized over $3.8 billion in revenue and excluded $231 million in expenses as part of a multi-faceted fraudulent scheme to meet optimistic and unsupportable revenue and earnings projections.
Level of Government: federal
Action Type: agency action
Agency: Securities and Exchange Commission
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: Louisiana
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: telecommunications
Specific Industry of Current Parent: telecommunications
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.