Global Crossing Settles with SEC

Global Crossing has settled a three-year investigation by the Securities and Exchange Commission into the communication company’s business practices and those of its top three executives. SEC has issued a cease-and-desist order against Global Crossing and three executives: former CEO Thomas Case, former accounting officer Joseph Perrone and former chief financial officer Dan Cohrs. Global crossing was not penalized and the company “neither admitted or denied the allegations that it failed to disclose the extent to which its results were dependent on swaps of fiber-optic network capacity with other telecom companies, or so-called reciprocal transactions.” In other words, the company was let off with a light slap on the wrist. Press Release