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Sarbanes-Oxley News & Developments
Judge Refused To Toss Out Indictment Against Former WorldCom CFOFederal Judge Barbara S. Jones announced her ruling on Monday.
> > Scott Sullivan, former WorldCom executive, is accused of lying on financial statements to secure more than $4 billion in credit for the company in 2001. Judge Jones announced her ruling on Dec. 8 without elaboration, saying she would issue a written decision later. She also rejected a request by defense lawyers for a hearing on the issue of pretrial publicity.
Sullivan faces charges that he lied to secure $4.25 billion in credit for WorldCom, the telecommunications company now called MCI, just a year before it declared bankruptcy. Sullivan was chief financial officer at WorldCom when investigators say the company carried out a $9 billion accounting fraud, the largest in US history. He has pleaded innocent to charges he ordered WorldCom accountants to move operating expenses off the books so the company could appear to turn a profit when it was actually losing money.
Source: Silicon Valley
Published:2003-12-12
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