U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 22272 / February 28, 2012
Securities and Exchange Commission v. Frank T. Noyes, et al, Civ. No. 05-cv-480-MSK-CBS (D. Colorado).
COURT DISMISSES REMAINING CLAIMS AGAINST FRANK T. NOYES
The U.S. Securities and Exchange Commission announced today that, upon motion by the Commission, the United States District Court for the District of Colorado dismissed the remaining claims against Frank T. Noyes. Noyes was a senior manager and then director of financial reporting at Qwest Communications International Inc., a Denver-based telecommunications company, between April 1999 and September 2000 and a senior director of finance in April 2001.
The Commission’s complaint alleged that in 2001 Noyes manipulated revenue by backdating a contract. The Commission’s complaint charged Noyes with violations of Section 17(a) of the Securities Act of 1933, Sections 10(b) and 13(b)(5) of the Securities Exchange Act of 1934 (Exchange Act) and Rules 10b-5 and 13b2-1 thereunder, and from aiding and abetting violations of Sections 13(a) and 13(b)(2) of the Exchange Act and Rules 12b-20, 13a-1, 13a-11, and 13a-13 thereunder.