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Report: Phone company subject of criminal probe

Friday, July 5, 2002 | 9:45 a.m.

DENVER -- Qwest Communications International, a big regional telephone company, is the subject of a criminal investigation by the U.S. Justice Department, the Wall Street Journal reported today.

Citing unidentified sources, the Journal reported that besides an ongoing regulatory probe into its accounting practices, Qwest is under investigation by the U.S. attorney's office in Denver and the Federal Bureau of Investigation.

Qwest said it was unaware of a Justice Department probe.

In the past year Qwest has faced a Securities and Exchange Commission inquiry into its accounting practices, a downgrade of its credit rating to junk status and a sinking stock price. Longtime chief executive officer Joseph P. Nacchio resigned last month.

Qwest is the local phone company for 14 states extending from Minnesota west to Washington and southwest to Arizona and New Mexico.

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