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The WorldCom scandal was a major accounting scandal that came into light in the summer of 2002 at WorldCom, the USA's second-largest long-distance telephone company at the time. From 1999 to 2002, senior executives at WorldCom led by founder and CEO Bernard Ebbers orchestrated a scheme to inflate earnings in order to maintain WorldCom's stock ...
Cynthia Cooper is an American accountant who formerly served as the Vice President of Internal Audit at WorldCom.In 2002, Cooper and her team of auditors worked together in secret and often at night to investigate and unearth $3.8 billion in fraud at WorldCom [1] which, at that time, was the largest corporate fraud in U.S. history.
In 2015, WorldCom Inc. investors had to pay roughly $6.1 billion to more than a dozen investment banks and 830,000 individual investors, owing to an $11 billion accounting fraud that resulted in ...
A month earlier, the company's internal auditors discovered over $3.8 billion in illicit accounting entries intended to mask WorldCom's dwindling earnings, which was by itself more than the accounting fraud uncovered at Enron less than a year earlier. [111] Ultimately, WorldCom admitted to inflating its assets by $11 billion. [112]
After the discovery, WorldCom stock prices went into freefall, plummeting from $64 per share to about $1, according to Time. Investors lost roughly $180 billion, and 30,000 people lost their jobs ...
Scott D. Sullivan is the former chief financial officer, secretary, treasurer, and a board member of WorldCom, who was convicted as part of WorldCom's $3.8 billion accounting fraud, at the time the largest scandal of its kind in U.S. history.
The Complaint alleged that the WorldCom Retirement Plan administrators were WorldCom insiders who knew or had reason to know that the price of WorldCom stock was artificially high because public statements concerning the Company's business and prospects were false or misleading to investors. When the facts became public, the stock plummeted ...
MCI, Inc. (formerly WorldCom and MCI WorldCom) was a telecommunications company. For a time, it was the second-largest long-distance telephone company in the United States , after AT&T .