Judge dismisses SEC's $3 billion fraud suit against former Qwest president, accountant
By Andy Vuong
March 31, 2011
The case is also pending against former Qwest accountant Frank Noyes, who was cleared of all but one claim.
The SEC alleges in its suit that the former Qwest executives and accountants fraudulently boosted revenue by $3 billion from 1999 to 2002. Qwest later restated much of that revenue.
Several other former Qwest executives, including former chief executive Joe Nacchio, were included in the 2005 suit but have since settled out of court.
Don Hoerl, regional director of the SEC's Denver office, declined comment today.
A pretrial conference for the case against Woodruff and Noyes is scheduled for June 7.