SEC settles civil lawsuits against former WorldCom execs

[JURIST] The US Securities and Exchange Commission (SEC) [official website] said Thursday that it had reached settlements with former WorldCom CFO Scott Sullivan and six others for their roles in fraudulent adjustments and entries in WorldCom's books and records. Mark Abide, former WorldCom director of property accounting, also agreed to pay a total of nearly $130,000 as part of the settlement.

WorldCom [MCI/WorldCom website] plunged into bankruptcy in 2002 after the accounting fraud at the company was revealed. Former WorldCom CEO Bernard Ebbers [JURIST news archive] was sentenced to 25 years in prison [JURIST news report] for his role in defrauding investors. Sullivan received a five-year sentence [JURIST report]. Reuters has more.

 

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