Robin Szeliga

Denver, CO: (Mar-26-07) A lawsuit was filed against former Qwest CEO Joe Nacchio. Allegations of his fraudulent dealings was confirmed by the testimony of Robin Szeliga, a former Qwest employee who described putting all of her investments into Qwest stock based on Nacchio's promises of revenue growth. Szeliga, who joined Qwest in 1998 and became chief financial officer, told jurors she attended several meetings where Nacchio put a top priority on meeting internal revenue targets, which were higher than those publicly released to investors. Szeliga is serving two years' probation after pleading guilty to illegally selling stock in 2001 and said she had reached a settlement in a civil fraud lawsuit accusing her, Nacchio, and other executives of orchestrating a financial fraud forcing the Denver-based company to restate billions of dollars in revenue. Szeliga agreed to pay $577,000 in fines, restitution and repayment of bonuses she received as a Qwest Communications International Inc. employee. [HOUSTON CHRONICLE: QWEST FRAUD]

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Published on Mar-28-07