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Pastimes : Investment Chat Board Lawsuits -- Ignore unavailable to you. Want to Upgrade?

To: peter michaelson who wrote (8793)	8/10/2005 3:49:48 PM
From: scion	Respond to of 12465

WorldCom's Myers Gets One-Year Prison Term By SHAWN YOUNG Staff Reporter of THE WALL STREET JOURNAL August 10, 2005 3:12 p.m. Former WorldCom controller David Myers, who pleaded guilty to fraud, conspiracy and filing false financial documents, was sentenced to one year and one day in prison Wednesday for his central role in the largest accounting fraud in U.S. history. The addition of an extra day to the sentence allows Mr. Myers to qualify for a small reduction in his sentence for good behavior. He also was sentenced to three years' supervised release. While U.S. District Judge Barbara Jones said Mr. Myers's criminal conduct was "significant,'' she said she was rewarding Mr. Myers's early acceptance of responsibility in the fraud. Mr. Myers told the judge he would regret his actions for the rest of his life. "At the single most critical character-defining moment of my life, I failed,'' he said. His sentencing in federal court in Manhattan leaves only former Chief Financial Officer Scott Sullivan still facing sentencing. Mr. Sullivan, who could serve as many as 25 years, is scheduled for sentencing Thursday. Former Chief Executive Bernard Ebbers was sentenced last month to 25 years for his role in the $11 billion scheme. Mr. Myers, 47 years old, had faced as many as 20 years, but was not expected to get such a long sentence because he cooperated in the prosecution of Mr. Ebbers. Mr. Sullivan also is not considered likely to be given the maximum sentence. Mr. Myers, who was the subject of a front page article5 in The Wall Street Journal in March, worked closely with Mr. Ebbers and Mr. Sullivan to falsely boost WorldCom's profits by booking questionable revenue and artificially reducing billions of dollars in expenses. The fraud led WorldCom into bankruptcy protection after it was revealed in 2002. The company has since emerged from bankruptcy protection under the name MCI Inc. and agreed to be acquired by Verizon Communications Inc. --The Associated Press contributed to this article. Write to Shawn Young at shawn.young@wsj.com6