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Sarbanes-Oxley News & Developments
Criminal Charges Filed Against Ebbers, WorldCom Procecutors in Oklahoma filed the first criminal charges against former WorldCom chief Bernard Ebbers.
> > The complaint accuses Ebbers, the other executives and the company of breaking state securities laws by giving false information to investors in 2000. WorldCom collapsed into bankruptcy last year amid an accounting scandal that has grown to $11 billion. Oklahoma Attorney General Drew Edmondson said - It is rare that we name a company in a criminal complaint, but in this case it is justified.
Although this marks the first criminal charge against Ebbers and the company itself, other former Worldcom executives have been charged in federal court, including ex-chief financial officer Scott Sullivan, who was also named in the Oklahoma complaint.
Four other executives have plead guilty to federal charges and are helping prosecutors are also charges in Oklahoma: David Myers, Buford Yates Jr., Betty Vinson and Troy Normand.
The charges against the former executives - who have one week to appear voluntarily in court - carry up to 10 years in prison and $10,000 fines. The company could be fined.
Source: Silicon Valley News
Published:2003-08-28
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