More WorldCom exec in the dock
More WorldCom senior executives are in the firing line as federal prosecutors today revealed plans to level new charges and indict new defendants.
The announcement came just as Scott Sullivan and Burford Yates, WorldCom’s former senior finance executives pleaded not guilty to charges against them in the inquiry into the largest accounting scandal in US history.
Assistant US attorney, David Anders, said that he planned to file a further indictment in the case that has already seen five of WorldCom’s top brass be investigated.
Sullivan and Yates faced one count of securities fraud and conspiracy to commit both securities fraud and fraud in connection with securities dealings.
The charges carry prison terms of up to 10 years and fines of $1m.
Sullivan remains free on $20m bail, and Yates was released on a $500,000 bond. A pretrial hearing was scheduled for December 9.