Report: Ex-Qwest CEO may face charges

Former Qwest Communications chief executive Joseph Nacchio reportedly may soon face civil charges related to improper accounting at the telecommunications company.

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The Wall Street Journal cites people familiar with the matter as saying the Securities and Exchange Commission recently sent a so-called Wells notice to Nacchio. That would indicate that its enforcement staff plans to recommend the agency file civil charges against the former CEO.

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According to the Journal, the Wells notice comes as Qwest has agreed to a preliminary deal with the SEC to pay $250 million to settle securities-fraud charges related to alleged accounting misdeeds.

The settlement is the second-largest fine in history against an operating company, after the $750 million penalty against the former WorldCom, now MCI.