Qwest Communications International Inc. was one of the largest telecommunications companies in the United States. In 2004, the Securities and Exchange Commission charged the company with securities fraud for inflating revenue almost $2.5 billion for earnings projections between 1999 to 2002. The company was also criminally charged for issuing false statements to the public about its financial condition. This fraud scheme allowed the executives to reap millions in profits.Know More
Former Qwest Communications Chief Executive Joseph Nacchio was indicted by a federal grand jury on 42 counts of insider trading and accused of illegally selling $101 million in company shares after privately learning that the company would not meet financial projections. After the public learned of the company's irregularities, the stock dropped from $60 per share to $1 per share. Nacchio was sentenced to 70 months in prison in 2007 and was ordered to pay a $19 million fine, in addition to forfeiting the $44 million made in the fraud scheme. The $44 million has been returned to the victims of the fraud scheme.
The SEC charged six other Qwest Communications executives and the company itself. The company settled the lawsuit by agreeing to pay $250 million for the SEC allegations.Learn more about Modern History
In 1974, India became the sixth country to test nuclear weapons, a 50 year leftist dictatorship ended in Portugal and Richard Nixon resigned from office. Gerald Ford became the 38th president of the United States.Full Answer >
In 1939, Britain and France declared war on Nazi Germany. The war was declared in response to Hitler's invasion of Poland, Britain and France.Full Answer >
The Watergate scandal of 1972 is said to have made a number of Americans lose their faith in the government and in the leadership of their country, due to the realization they had been lied to through media. Bob Woodward and Carl Bernstein, two Washington Post journalists, revealed that former U.S. President Richard Nixon's re-election committee had laundered money for the scandal and that the executive administration was corrupt.Full Answer >
In 1974, the Sears Tower in Chicago was completed, Bill Clinton lost his bid for a congressional seat, Dr. Seuss published "There's a Wocket in My Pocket" and Turkish Airlines Flight 981 crashed due to a mechanical failure. This year also marked the famous Rumble in the Jungle boxing match between Muhammad Ali and George Foreman.Full Answer >