Aug 1, 2002 : Two Former WorldCom Execs Arrested

📅 August 1, 2002 - Spokesmen for the Federal Bureau of Investigation said two former high-level executives of WorldCom Inc. were arrested on Thursday for their part in the $3.85 billion accounting scandal at the now-bankrupt telecommunications firm.

WorldCom's former chief financial officer Scott Sullivan and former controller David Myers reportedly turned themselves in to officials this morning. They are being held at FBI offices in lower Manhattan and are expected to be presented in Manhattan federal court later in the day.
Details of the charges against the two men were not immediately made available.
Sullivan was fired from WorldCom for his alleged involvement in orchestrating the accounting scandal. The company has been charged with fraud by the Securities and Exchange Commission, and filed for bankruptcy shortly after discovering the improper bookkeeping.
Former WorldCom CEO Bernard Ebbers resigned from the company under pressure in April. It has been suggested that he may also have been involved in the improper accounting.

Reads: 1843 | Category: General | Source: TheWHIR : Web Host Industry Reviews
URL source: http://www.thewhir.com/marketwatch/wor080102.cfm
Want to add a website news or press release ? Just do it, it's free! Use add web hosting news!

Other news

📅 Jul 31, 2002 - Intercosmos, GeoTrust Announce Partnership - Domain name registrar Intercosmos Media Group Inc. (DirectNIC.com ) and certificate authority GeoTrust Inc. (GeoTrust.com) announced on Wednesday that they have formed a strategic partnership to deliver secure e-commerce transactions, identity verification and trust authentication services. According to the agreement, Intercosmos will offer GeoTrust's QuickSSL, True Site, and True BusinessID solutions, through its network of resellers, to its customer base of hundreds of thousands of webmasters. "GeoTrust enables us to offer the fastest, most reliable technology for secure transactions," says Sigmund Solares, CEO of Intercosmos, "as well as business and cons

📅 Jul 31, 2002 - IBM to Buy Consulting Group for $3.5 Billion - IBM announced on Tuesday that it plans to buy PricewaterhouseCoopers Consulting for $3.5 billion, in a move that could enhance the company's shift to provide information technology as a utility-like service to corporate customers. Analysts say the deal is a means for PricewaterhouseCoopers to separate its consulting business from its accounting business. The deal also means PricewaterhouseCoopers will abandon previous plans to sell shares in the consulting firm to the public and base the consulting company in Bermuda. Business critics have said consulting and auditing businesses should operate separately to eliminate pressure auditors might feel if a compan

📅 Jul 31, 2002 - ICANN Reacts to Court Ruling - A Los Angeles Superior Court Judge ordered on Tuesday that ICANN (icann.org) director Karl Auerbach should be allowed to inspect certain of the organization's documents, but must respect ICANN's confidentiality designations. ICANN says that, while it believes parts of the Court's analysis to be incorrect, the overall effect of the ruling is similar to the ICANN procedure rejected by Auerbach last October. Following the rejection, Auerbach filed a lawsuit in Los Angeles challenging ICANN's procedure. The Judge's ruling Tuesday said that California law does not allow non-profit organizations in the state to place restrictions or conditions on its director's

📅 Aug 2, 2002 - Global Media Online Hosts Deskwing Service - Email, Web hosting and other Internet service provider in Japan, Crayfish Co. (crayfish.co.jp) said on Thursday that its board of directors has approved an agreement with Global Media Online Inc. (gmo.jp) whereby GMO will host its Deskwing service. Following the company's July 2001 business revival plan, says Crayfish, it has shown significant improvement in net income. As part of the company's ongoing efforts to strengthen its business model, clarifying its mid-to-long term outlook and maximizing value, Crayfish has decided to outsource the administration and maintenance of servers supporting its Deskwing service and related operations to GMO. GMO, says Cr

📅 Aug 2, 2002 - Hurricane Electric Adds Washington Exchange - Technical service provider Hurricane Electric (he.com) announced on Thursday that it has partnered with Internet exchange service provider Equinix (Equinix.com), in order to add an Internet exchange point in the Washington DC area to its growing network. The network access point, says Hurricane Electric, will create additional redundancy to the company's national network, while creating shorter packet routes to numerous networks. Hurricane Electric says it is connected to the Equinix exchange point located in Ashburn, VA, using a Cisco GSR router, as well as a GigE connection from Equinix to Telehouse in New York and an OC3 connection from Equinix to PAIX i

📅 Aug 2, 2002 - Interland Names New Operations VP - Web host service provider Interland, Inc. (Interland.com ) has appointed John M. Harper as senior vice president of operations. Harper brings more than 16 years of leadership and management experience with leading technology companies, including serving as chief technology officer for Verado Holdings, as vice president of engineering for Exodus, and as chief technology officer for Genuity. Harper will report directly to Interland's chairman and chief executive officer, and will be responsible for overseeing the company's operations, information technology and technical support departments, and for continuing the company's data center consolidation and integration effo