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| Topic: |
Business
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| Number of pages / Number of words: |
13 / 3370 |
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Another key figure was Scott Sullivan, the company's chief financial officer, who spear headed the accounting manipulations. Sullivan also instructed key accounting staff, including the controller to follow along with his procedures.
By June of 2002, Worldcom could no longer cover up the massive manipulations to their financial reports, their unethical and improper accounting practices had left the world's second largest telecommunication company in ruins...
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The trading of Worldcom stock stopped trading in late June at an all time low. The news from the Worldcom scandal was so far reaching it set new post September 11th lows for the stock market. By July of the same year the company claimed for bankruptcy protection of more then $41 billion in debt. By the end of the whole scandal investigations uncovered in total an estimated $11 billion in fraud over five consecutive quarters, the fraud remains the largest in United States history, even bigger then Enron...
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