Level 3 boss denies dodgy IPO dealing

The chief executive of ISP Level 3, James Crowe, has denied any wrongdoing in his dealings with investment house Salomon Smith Barney.

A former employee of the brokerage company claimed that Crowe was given shares of initial public offerings (IPOs) handled by the company in return for putting Level 3's business its way.

But Crowe has hit back, saying that an unnamed investment bank that Level 3 had worked with once had indeed bought and sold shares on his behalf - but without his knowledge.

He also claims he refused to accept the money and demanded the sale be voided, according to this morning's Wall Street Journal.

Crowe said: "Since learning of the allegation, I have reviewed my investment and tax records and other relevant documents... I have never purchased, owned or sold any shares of any of the companies that have been identified in press reports in connection with the alleged IPO purchases."