A federal jury in Colorado on Friday did not convict any of the four former Qwest ( Q) executives standing trial for accounting fraud, Reuters reported.

Two of the men -- John Walker and Bryan Treadway -- were cleared of all 11 counts against them.

Grant Graham, a former CFO for global business, was acquitted of three counts; the jury deadlocked on the eight others against him. The panel deadlocked on all the charges against Tom Hall, a former senior VP.

U.S. District Court Judge Robert Blackburn, sitting in Denver, declared a mistrial on the deadlocked counts. The government will decide later this month whether to retry the two men on the deadlocked charges, Reuters reported.

The men were charged with conspiring to illegally boost the regional phone company's revenue through a deal to hook up Arizona schools to the Internet.

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