FBI takes former WorldCom execs into custody

Former WorldCom chief financial officer Scott Sullivan and former controller David Myers were arrested and charged with...

Former WorldCom chief financial officer Scott Sullivan and former controller David Myers were arrested and charged with securities fraud yesterday to face unspecified federal charges related to financial wrongdoing.

The ex-employees of the fallen telecommunications company, which filed for the largest Chapter 11 bankruptcy in US history last month after admitting to almost $4bn (£2.5bn) in accounting irregularities, are being held in an undisclosed location in Manhattan pending a court appearance.

Sullivan and Myers were charged with one count of conspiracy to commit securities fraud, one count of securities fraud, and five counts of making false filings with the Securities and Exchange Commission.

If convicted, the pair face a possible maximum prison term of five years and a $250,000 fine on the conspiracy count and 10 years and a $1m fine on each of the fraud and false filings counts.

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