Worldcom’s Sullivan is jailed for five years

Former Worldcom financial chief Scott Sullivan has been sentenced to five years in jail for assisting in the company’s $11bn (£6.2bn) accounting fraud.

Former Worldcom financial chief Scott Sullivan has been sentenced to five years in jail for assisting in the company’s $11bn (£6.2bn) accounting fraud.

Sullivan pleaded guilty to charges of conspiracy, securities fraud and making false financial filings. He told US judge Barbara Jones, “Every day I regret what happened at Worldcom and I accept responsibility for the false and misleading information [given to investors].”

He added, “I knew it was wrong, but my intentions were not to hurt people.”

Sullivan had earlier been the chief witness in the prosecution of former chief executive Bernard Ebbers, who was last month sentenced to 25 years for his leading role in the fraud. The accounting scandal led to the biggest ever US corporate bankruptcy.

The judge told Sullivan he had escaped a longer sentence because of his co-operation with the prosecution and extenuating family circumstances.

But she said the former finance chief had helped put the fraud together and was “the day-to-day manager” of the scheme.

Sullivan has also handed over personal assets, including a luxury multi-million-dollar home, as part of a financial settlement with former Worldcom investors.

WorldCom went bankrupt in 2002 and its former operation is now known as MCI.

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