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Qwest Communications International agreed Thursday to pay $250 million to settle SEC allegations that it engaged in "massive financial fraud" by improperly booking $3.8 billion and misleading investors about it. Qwest became so dependent on the tactic that employees compared the company to a drug addict and the transactions to the company's "heroin," according to the complaint, which is harshly critical of the company's senior managers.
October 22, 2004 at 12:00 AM
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The original version of this story was published on Law.Com
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