Sunday, April 10, 2005

SEC Concludes Global Crossing Investigation

The Securities and Exchange Commission (SEC) concluded its investigation of Global Crossing's reciprocal purchases and sales of telecommunications capacity with other carriers and related matters. The investigation, which was launched in February 2002, found that Global Crossing did not comply with certain reporting obligations under the securities laws and requires the company to cease and desist from committing any future violations. No fines or penalties were assessed against the company, and the order does not include a finding of fraud. The company neither admitted nor denied the SEC's findings.

"We're happy to have reached a settlement with the SEC and that we can put these issues solidly behind us without a finding of fraud or a financial penalty against the company," said Global Crossing CEO John Legere.

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