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Sarbanes-Oxley News & Developments
Wife to Keep $2.2 MillionThe SEC chooses not to pursue a trust fund set up by former Worldcom CFO Scott Sullivan in 2000 for his wife and daughter.
> > Under settlement proposed by the SEC, Carla Sullivan, wife of former Worldcom CFO Scott Sullivan, will be able to keep $2.2 million.
SEC lawyer Peter Bresnan Wednesday told a New York federal court that Sullivan transferred $2.24 million to a trust for his wife and adopted daughter after receiving a $10 million bonus from WorldCom in 2000.
The SEC chose not to pursue this sum since Sullivan lacks control over the trust, according to Bloomberg.
Source: CFO
Published:2006-08-04
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