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Former WorldCom CFO Pleads to Conspiracy

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Khephra Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jun-08-04 02:11 AM
Original message
Former WorldCom CFO Pleads to Conspiracy
JACKSON, Miss. -- Scott Sullivan, former chief financial officer of WorldCom, pleaded guilty Monday to one count of conspiracy to commit securities fraud, Mississippi Attorney General Jim Hood said.

Sullivan entered his plea before Hinds County Circuit Judge Bobby DeLaughter and sentencing was delayed. Sullivan faces up to five years in prison and a fine of $5,000, the attorney general's office said.

Hood said the charge stems from Sullivan's involvement in WorldCom's misrepresentation of billions of dollars in operating expenses, which let the company falsely report earnings.

Hood said Sullivan had waived indictment on the charge.

more..........

http://www.newsday.com/business/investing/wire/sns-ap-worldcom-sullivan,0,4820358.story?coll=sns-ap-investing-headlines
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4dsc Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jun-08-04 07:36 AM
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1. Sullivan faces up to five years in prison
It should be hard time but we all know he'll serve his time in some cushy federal prison.. Meanwhile, 10,000's of former Worldcom employee's are probably still looking for work and their 401K's are wrothless..

5 years is not long enough..
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salin Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jun-08-04 08:30 AM
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2. and oh my goodness a $5,000 fine
gee willickers... what a big book they might throw at him.
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0007 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jun-08-04 08:34 AM
Response to Reply #2
3. Golly! Up to a five grand fine? The license to steal are indeed cheap
these days, 'eh?
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struggle4progress Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jun-08-04 06:26 PM
Response to Original message
4. kick
:kick:
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