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Qwest To Pay $250 Million To Settle SEC Allegations Of Accounting Fraud

DENVER (AP) Qwest Communications will pay $250 million to settle allegations that it improperly booked millions in revenue and that senior managers sought to cover it up, The Associated Press has learned.

The deal, expected to be announced as early as Thursday, would conclude a wide-ranging fraud investigation by the Securities and Exchange Commission.

Both Qwest and the SEC have approved the settlement, in which the Denver-based company will neither admit nor deny the agency's allegations, a source familiar with the case said Wednesday on condition of anonymity.

Qwest spokesman Tyler Gronbach said Wednesday he had no information about any pending deal but said the company was cooperating with the investigation. SEC spokesmen in Denver and Washington did not return call.

The SEC complaint has not been released publicly.

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