The U.S. Department of Justice announced that it is returning approximately $44 million to 112,210 victims of the Qwest Communications International, Inc. (“Qwest”) securities fraud. The funds were forfeited to the United States after Joseph Nacchio, Qwest’s chief executive officer, was convicted of securities fraud in 2007.
Nacchio was found guilty of issuing false and misleading statements to the public about Qwest’s financial condition between 1999 and 2002, in connection with a securities fraud scheme. After the irregularities about the company’s finances were uncovered, the price of Qwest stock plummeted. Following his conviction, Nacchio was sentenced to 70 months in prison and ordered to forfeit $44 million, the net proceeds received from his fraud scheme.
The Department of Justice’s Victim Asset Recovery Program is overseeing distribution of the funds. Individuals with questions about the distribution should contact the Remission Administrator at 1-877-268-3001.
Investors nationwide who have been the victim of financial fraud, may contact the Florida securities arbitration attorneys at McCabe Rabin, P.A. for a free and confidential consultation by calling toll free at 877.915.4040 or by e-mail to firstname.lastname@example.org.