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Corporate Fraud Leaves Stock Market in Turmoil - AGAIN!

category national | miscellaneous | news report author Wednesday June 26, 2002 15:38author by Paulauthor address Meath

WorldCom admits $3.8bn scandal

WorldCom, America's second biggest long distance phone company, was today facing bankruptcy, after revealing that it had overstated profits by $3.8bn (£2.5bn). In the latest financial scandal to hit the financial markets, WorldCom said that its chief financial officer, Scott Sullivan, improperly reported expenses as investment in order to make the company's financial situation look much better than it really was.

Related Link: http://www.guardian.co.uk/worldcom/story/0,12167,744369,00.html
http://www.indymedia.ie/article/7203

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