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 Friday, July 15, 2005 |
Former Qwest CFO pleads guilty to insider trading
Tom Henry at 1:56 PM ET
[JURIST] Former Qwest Communications [official website] CFO Robin Szeliga pleaded guilty Thursday to one count of insider trading. Szeliga, initially charged last month [JURIST report; DOJ press release], will likely face a term of 15 to 21 months in prison after admitting to improperly selling 10,000 shares of Qwest stock for a profit of $125,000. Because she may have been in a position to know the extent and timing of other executives knowledge of the scandal, including former CEO Joe Nacchio [JURIST report], she is expected to help government prosecutors in their continuing investigation. Qwest agreed to pay $250 million [JURIST report] last year to settle SEC fraud charges in a deal that did not include individuals. AP has more.
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Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible, ad-free format.
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