The former director of general accounting at WorldCom has been sentenced to
one year and one day in prison for his role in the former telecoms giant’s
record $11bn (£6.16bn) fraud.
The 49-year-old Buford ‘Buddy’ Yates was sentenced today, three years after
he pleaded guilty to helping WorldCom overstate its earnings between 2000 and
2002 in a scandal that bankrupted the telecoms company.
Yates is one of five former WorldCom executives who pleaded guilty to fraud
and helped the government build its case against former CEO Bernie Ebbers, who
was sentenced last month to 25 years in prison.
Last week, Betty Vinson, former WorldCom director of corporate accounting,
was sentenced to five months in prison. Troy Normand, former WorldCom accountant
was sentenced to three years probation after a federal prosecutor said his role
in the fraud was less than Vinson’s.
David Myers, former WorldCom financial controller is due to be sentenced
tomorrow, while Scott Sullivan, former WorldCom CFO is due to be sentenced on
Announcing second quarter results today MCI, formerly WorldCom, said that it
had returned to profitability in the three months to the end of June, generating
net income of $64m.
Partner at Pinsent Masons says Serious Fraud Office has secured 'one of the top ten enforcement actions of all time'
Andrew Tyrie airs views on the Finance Bill, 'Making Tax Policy Better' report, and Brexit
Drastically fewer offices for HMRC in the hope to reduce their running costs
An 80% increase in additional revenue for HMRC coincides with a crackdown on income tax avoidance