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08 Oct 2002
In a Manhattan court yesterday, Yates pled guilty to one count of conspiracy to commit securities fraud and one count of committing securities fraud.
According to reports in the Boston Globe Yates told the federal court that he was instructed by supervisors to misreport expenses, allowing WorldCom to overstate earnings by $5bn between October 2000 and April 2002.
He is now expected to assist authorities in their case against former chief financial officer Scott Sullivan, who along with Yates pled not guilty in July to charges of conspiring to hide about $7.2bn of operating expenses.
Valued at $175bn (£111bn) at its height in 1999, WorldCom's collapse followed fraud charges after the company admitted hiding $1.2bn in losses by falsely accounting for expenses worth $3.85bn.
It file for Chapter 11 bankruptcy protection in July this year - the biggest ever filing in US corporate history.
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
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