If found guilty, Sullivan, who was arrested last month, could face a jail term of up to 65 years.
The grand jury indictment however does not include former controller David Myers who was also arrested at the same time, raising speculation that he is arranging a plea bargain, which would secure his co-operation in the case.
According to the Financial Times the indictment portrays Sullivan as the brains behind the plan to record WorldCom expenses relating to third-party telephone lines as income and massively overstate its figures.
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
Six new partners have been revealed by top ten firm Mazars