Gary Winnick, former chairman of Global Crossing, the telecoms group that filed for Chapter 11 bankruptcy protection in 2002, will not be fined or sanctioned by the US Securities and Exchange Commission, according to his lawyer.

The SEC has been considering what action to take against Mr Winnick and two former colleagues as part of its investigation into the group, which was accused of overstating revenue by swapping fibre-optic network capacity with phone carriers.