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Technology Stocks : Applied Materials No-Politics Thread (AMAT) -- Ignore unavailable to you. Want to Upgrade?

To: Proud_Infidel who wrote (1459)	7/10/2002 11:07:21 AM
From: Proud_Infidel	Respond to of 25522

Gee, MORE fraud? It just keeps getting better. Qwest faces criminal probe Denver-based telecom reveals notice of investigation by U.S. Attorney; subject not disclosed. July 10, 2002: 10:23 AM EDT NEW YORK (CNN/Money) - Qwest Communications International Inc. said Wednesday that the U. S. Attorney's office in Denver has informed it that it had begun a criminal investigation of the company. The telecom's one-paragraph statement said federal prosecutors did not disclose the subject of the investigation. The company was notified of the probe Tuesday afternoon. Qwest previously had admitted that it was under investigation by the Securities and Exchange Commission, receiving a subpoena from the agency for documents concerning bankrupt telecom Global Crossing Ltd. It also recently dumped its CEO Joseph Nacchio, who had helped to build the company. Just last Friday Qwest issued a statement denying it was the subject of a Justice Department probe following a report in the Wall Street Journal that the alleged accounting problems had prompted a criminal probe. "We have no reason to believe that we are the subject of any investigation by the U. S. Department of Justice," Qwest General Counsel Drake Tempest said at the time. "It's outrageous that we would learn about such an investigation through the media. We have disclosed everything asked of us and have cooperated fully with the SEC and Congress." Shares of Qwest (Q: down $0.71 to $1.89, Research, Estimates) were off more than 50 percent in early trading following its announcement.