NEW YORK (CNN/Money) - The one-time chief financial officer of Qwest Communications has agreed to plead guilty to insider trading and testify against other former executives from the company, according to an article.

The Wall Street Journal reports that the cooperation of Robin Szeliga could be a turning point in the criminal investigation of Qwest. She is the highest-ranking former Qwest official to be charged with a crime related to accounting problems at the Denver-based telecom. The paper also states that the Justice Department continues to investigate other former Qwest executives, including former Chairman and Chief Executive Joseph Nacchio.

A spokeswoman for Nacchio repeated his earlier statements that he did nothing wrong while at Qwest.

The company restated $2.2 billion in earnings and $2.5 billion in revenue for 2000 and 2001, according to the Journal. Nacchio left the company in June 2002 just as the questions about its accounting practices surfaced.

Szeliga, Nacchio and three other former Qwest executives already face civil fraud charges from the Securities and Exchange Commission, alleging that from 1999 through 2002 the executives engaged in "massive financial fraud" to hide the deteriorating fortunes of the company, the paper reports.