Former Qwest Exec Charged, Will Plead Guilty
All in a day's work? Qwest executive Robin Szeliga was charged with insider trading today. But, the case is already over. Her lawyers immediately filed a "Notice of Disposition" which means a plea agreement has been reached. The plea agreement is not public as yet, so it is not known what concessions, if any, are part of the agreement.
Szeliga, 44, of Littleton, was accused of making $125,000 in profits from selling Qwest stock in April 2001, at a time she allegedly knew Qwest's revenues were being artificially propped up.
To date, her former boss at Qwest, Joseph Nacchio, has been charged only by the S.E.C. in a civil fraud case. Szeliga is also named in that suit, as are five other former Qwest execs.
Comments
Submitted by Tracy Green (not verified) on Mon, 2005-06-27 17:53.
As happy as it makes me that someone involved with Qwest and their immoral business practices stepped forward, I cannot help but think that Ms Szeliga is coming forward because she was caught. I hope Ms Szeliga feels as betrayed by the situation as I feel betrayed by Qwest. I worked for ATT, Mtn Bell, PNB, US West and finally Qwest for 18 years. In mid 2000 when my 401k took its first hit I thought
" a minor adjustment to the market". I held on longer because I believed in Qwest. I believed executives when they told us that it was a slight correction, buy more shares. I held on longer because I had made money off of telecommunications. I was not going to abandon them when things were down. They would be back, etc, etc. I could go on and on about the situation but I don't want to sound like a victim. I could have got out at anytime and didn't. I hope there is a place in hell for people like Szeliga, Nacchio and all the others who played with peoples retirement, college funds, hopes and dreams. The softest pillow is a clear conscience. Sleep well.
