Ex-WorldCom CFO Enters Guilty Plea

Scott Sullivan, WorldCom Inc.’s former CFO, on Monday pleaded guilty to one count of conspiracy to commit securities fraud, the Associated Press reported, citing Mississippi Attorney General Jim Hood.

Earlier this year, Sullivan pleaded guilty to federal charges of securities fraud, conspiracy and making false statements to regulators. His old boss, former WorldCom CEO Bernie Ebbers, is awaiting trial stemming from his alleged involvement in the phone company’s well-documented accounting scandal.

Sullivan pleaded guilty to federal charges in March as part of a plea agreement in which he will testify against Ebbers, according to the Associated Press.

WorldCom, which has been renamed MCI, committed a fraud tallying an estimated $11 billion as part of a ploy to artificially inflate revenue and conceal costs.

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