Summary:

TechNews.com :: A federal grand jury in New York indicted two former WorldCom Inc. executives on charges of securities fraud yesterday while three other officials at the telecommunications giant indicated that they are prepared to admit wrongdoing and cooperate with prosecutors in the fast-paced investigation. Scott […]

TechNews.com :: A federal grand jury in New York indicted two former WorldCom Inc. executives on charges of securities fraud yesterday while three other officials at the telecommunications giant indicated that they are prepared to admit wrongdoing and cooperate with prosecutors in the fast-paced investigation. Scott D. Sullivan, who was the company’s chief financial officer, and Buford Yates Jr., who was the director of general accounting, “falsely and fraudulently” reduced the firm’s expenses in an effort to inflate earnings by $5 billion, according to the first formal criminal charges stemming from the nation’s largest-ever bankruptcy.

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