Telecommunications firm Global Crossing Ltd. and three of its former executives on Monday settled accounting charges brought by the Securities and Exchange Commission.

The SEC alleged that the three executives, former Chief Executive Thomas Casey, former Chief Financial Officer Dan Cohrs and former Executive Vice President of Finance Joseph Perrone, knew about reciprocal transactions that had a material impact on the company’s financial statements and either knew or should have known that the company was providing incomplete information to investors.

Each agreed to pay a $100,000 civil penalty without admitting or denying the allegations. The company and the executives also agreed not to violate certain federal securities laws in the future.

Global Crossing filed for Chapter 11 bankruptcy protection in January 2002, and emerged in December 2003. Casey, 53, was chief executive from October 2000 to October 2001 and vice chairman from December 1998 to October 2001. Cohrs, 52, of Pacific Palisades, was chief financial officer from May 1998 to July 2003, and Perrone, 56, of New Jersey, was executive vice president of finance from December 2000 to November 2002. Before joining Global Crossing, Perrone was a senior partner at defunct accounting firm Arthur Andersen.

Global Crossing, founded by financier Gary Winnick and once based in Beverly Hills, ran up $12.4 billion in debt building a 100,000-mile fiber-optic network. The so-called reciprocal transactions entailed selling capacity to other carriers while at the same time purchasing capacity from the same carriers. The transactions gave the appearance of higher revenues for both sides, and made routine business costs appear to be capital investments. Such transactions can be legitimate when reported according to generally accepted accounting principles, but by 2001, according to the SEC, reciprocal transactions that were based on the company’s own definitions were a “substantial source” of Global Crossing’s financial results.

After a noisy reorganization, Global Crossing now based in Florham Park, N.J. emerged as a more subdued fiber-optic company.

In December, the SEC decided not to file a civil suit or impose a fine on Winnick, saying that its probe found no evidence of fraud. Winnick separately agreed to pay $30 million to settle with Ohio pension fund investors who lost $116 million when the company’s stock collapsed, and he also paid $25 million to compensate employees who lost money in 401(k) plans that held Global Crossing’s stock.