Violation Tracker Individual Record

Company: 
Qwest Communications International Inc.
Current Parent Company: 
CenturyLink
Penalty: 
$250,000,000
Year: 
2004
Date: 
October 21, 2004
Offense Group: 
financial offenses
Primary Offense: 
accounting fraud or deficiencies
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 Parent: 
USA
HQ State of Parent: 
Louisiana
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
telecommunications
Specific Industry of Parent: 
telecommunications
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.