Sep, 2002 : Ex WorldCom Executive Pleads Guilty to Fraud

📅 September 27, 2002 - The Securities and Exchange Commission reportedly filed a civil suit against former WorldCom controller David Myers, alleging that he broke securities laws when he participated in the bankrupt telecom's $7 billion accounting fraud.

The suit was filed on the same day Myers pleaded guilty to three fraud charges after a three-month investigation by the US Department of Justice into his role in the WorldCom fraud.
Myers told the court that he was instructed by senior management to make entries in WorldCom's books to increase the company's earnings. Myers said he knew there was no justification for the entries. The judge set a sentencing date of December 26 for the charges, which carry a maximum sentence of 15 years.
Myers's is the first guilty plea since the WorldCom fraud was uncovered in June. Myers is expected to be a key government witness against former WorldCom CFO Scott Sullivan, who has claimed he is not guilty of the fraud. Myers's co-operation may also help investigators build their case against WorldCom founder and former CEO Bernie Ebbers.
The SEC charged Myers with violating a number of federal securities laws, and with aiding and abetting WorldCom's violations of reporting and bookkeeping rules. The case requests that Myers repay any ill-gotten gains and be barred from serving as an officer or director of a public company. Myers's lawyer said Thursday he expected the SEC case to be settled shortly.

Reads: 1968 | Category: General | Source: TheWHIR : Web Host Industry Reviews
URL source: http://www.thewhir.com/marketwatch/wor092702.cfm
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