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Article: A Partnership Ended; Sullivan Makes a Deal, Pleads Guilty to Fraud
- Article from:
- The Washington Post
- Article date:
- March 3, 2004
- Author:
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When Scott D. Sullivan was charged with orchestrating the $11
billion accounting fraud at WorldCom Inc. 18 months ago, his lawyer
vowed that the former finance chief would stand and fight.
Yesterday, the finance guru who built WorldCom into one of the
world's biggest telecommunications companies, and then led its
finances toward collapse, pleaded guilty to three counts of
securities fraud and related charges, with a penalty of up to 25
years in prison.
"I knew what I was doing was wrong," Sullivan said calmly at his
hearing yesterday, putting on his glasses only to read and sign the
plea agreement. "I did this in a misguided effort to preserve the
company."
With the plea, Sullivan became the ...