Feb, 2002 : WorldCom Suspends Three in Commission Scandal

📅 February 15, 2002 - WorldCom employees at three offices allegedlybooked up to $4 million in fake commissions by taking credit for sales atdifferent offices, according to a Wall Street Journal report.

The voice and data provider suspended three employees and froze at least 12workers' commissions as part of its investigation, the WSJ reported.WorldCom says it expects no impact on earnings because of the incident.
Two WorldCom managers allegedly inappropriately boosted the commissions oftheir sales teams, while one representative deliberately boosted her owncommission. Team commissions are used to calculate managers' salary, thenewspaper said, citing WorldCom general counsel Michael Salsbury.
The three currently suspended employees will either be fired or asked toresign. They include two of WorldCom's highest-ranked salespeople.

Reads: 1737 | Category: General | Source: TheWHIR : Web Host Industry Reviews
URL source: http://www.thewhir.com/marketwatch/wcom021502.cfm
Want to add a website news or press release ? Just do it, it's free! Use add web hosting news!

Other news

📅 Feb 14, 2002 - PAIX.net, Seattle Internet Exchange Connect Switch Fabrics - PAIX.net, Inc., a carrier-neutral Internet exchange and subsidiary of Metromedia Fiber Network, Inc., today announced the successful implementation of an agreement to interconnect PAIX's Layer 2 switch fabric in Seattle with that of the Seattle Internet Exchange (SIX). The program expands the interconnectivity options available to the customers and participants in each facility, the company says. Integrating the IP traffic between the SIX and PAIX, both located at 2001 6th Ave., has created a comprehensive peering infrastructure and exchange point accessible from either location. For PAIX, this means its participants can immediately reach a large number of new peering

📅 Feb 14, 2002 - Level 3 and KPNQwest defend the legitimacy of their business transactions - As multiple telecommunications companies face bankruptcies and allegations of improper accounting, high-speed network operators Level 3 Communications Inc. and KPNQwest defend their accounting practices. Over the past two weeks, network operators and investors have been wading waist-deep in a shakedown of plunging market shares and fear of inflated revenue figures. "In the aftermath of the bankruptcy of Enron, investors, the media and policymakers have all expressed concern about the accounting practices utilized by public corporations,? said James Q. Crowe, chief executive officer of Level 3 Communications, Inc. "Since Level 3 sells IRUs to a variety of cust

📅 Feb 14, 2002 - Forbes Outsources DNS Management to UltraDNS - UltraDNS Corporation (ultradns.com) today announced that Forbes.com has selected UltraDNS to manage its Domain Name System. Forbes.com joins a number of Internet brands like Oracle and MSN Hotmail that outsource DNS management to ensure the integrity and security of their Web sites. UltraDNS's Managed DNS Service guarantees 100 percent uptime for users that count on Forbes.com for commentary, analysis, financial tools and realtime reporting. "Our users rely on Forbes.com for timely, relevant content and our advertisers expect quantifiable exposure to our readers, the world's business leaders," said Michael Smith, CTO of Forbes.com. "A brand like ours cannot afford d

📅 Feb 16, 2002 - Update on ASO General Assembly  5 March 2002 - The 3rd ASO General Assembly meeting will be held on Tuesday, 5 March 2002 at the Queen Sirikit National Convention Center, Bangkok, Thailand. This meeting will be hosted by APNIC alongside APNIC's 13th Open Policy Meeting, and will be open to all parties with an interest in ASO policy matters. Details about the venue can be found on the APNIC meeting page. A call for presentations and participation has been ...

📅 Feb 18, 2002 - eLuminant Gets Additional $5m Funding - NEC eLuminant Technologies, Inc. (eluminant.com) has announced that it has finalized a funding agreement with Yasuda Enterprise Development Co., Ltd. (yedvc.co.jp) to support eLuminant's growth in fiber-based, broadband products and services. Yasuda Enterprise Development Co., Ltd. is one of the largest venture capital companies in Japan. Their investment of $5 million in eLuminant, in addition to investments of $26 million announced last fall, brings eLuminant's total Series A funding to $31 million during the past four months. "We're very pleased that Yasuda shares our vision for the future of optical networks and the development of passive optical network te

📅 Feb 18, 2002 - Dell Releases New PowerEdge Servers - Dell today announced two new enterprise servers, the PowerEdge 1650 and PowerEdge 4600. Both servers offer new technologies to support database, e-mail, security and file/print applications. The PowerEdge 1650 is a tier one server that offers enterprise-level features of hot-plug redundant power and fans, in a 1.75-inch tall package designed for space-constrained data centers. The PowerEdge 4600 features Intel's latest Xeon processors and is the first server to offer the ServerWorks Grand Champion HE (GC-HE) SystemI/O chipset for faster overall system performance, Dell says. Both PowerEdge servers are equipped with Dell's portfolio of OpenManage tools. To en