Company, three former execs settle SEC charges

Tuesday, April 12, 2005 | 9:39 a.m.

WASHINGTON -- Global Crossing Ltd. has reached a settlement with federal regulators, with three former executives agreeing to pay fines but with no finding of fraud in the "capacity swap" deals made before the once high-flying telecommunications company collapsed in bankruptcy.

In the agreement announced Monday, the company pays nothing but former CEO Thomas Casey, ex-chief financial officer Dan Cohrs and former executive vice president of finance Joseph Perrone each pay a $100,000 civil fine. They were not required to admit to any wrongdoing, however.

The Securities and Exchange Commission had been investigating Global Crossing's swaps of fiber-optic network capacity with other companies for more than two years. The company's founder and former chairman, Gary Winnick, escaped a penalty in December.

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