The former CFO who helped perpetrate an $11-billion accounting fraud at WorldCom would not have to pay a dime to the Securities and Exchange Commission because his fortune had already been given up, regulators, quoted by an Associated Press report, said.
The report said disgraced WorldCom CFO Scott Sullivan, serving a five-year prison term, had agreed in a settlement that he owed nearly $13.6 million in penalties for his role in the scandal at the telecom company.
But the SEC said in legal papers filed in a federal court in Manhattan that Sullivan would not be forced to pay because he was out of money, according to the report.
The once high-flying executive previously surrendered his $11-million mansion in Boca Raton, Florida, to settle a class action lawsuit filed by disgruntled WorldCom investors. He also gave up his depleted WorldCom retirement account, leaving him with nothing for regulatory fines, the report said.
The report said disgraced WorldCom CFO Scott Sullivan, serving a five-year prison term, had agreed in a settlement that he owed nearly $13.6 million in penalties for his role in the scandal at the telecom company.
But the SEC said in legal papers filed in a federal court in Manhattan that Sullivan would not be forced to pay because he was out of money, according to the report.
The once high-flying executive previously surrendered his $11-million mansion in Boca Raton, Florida, to settle a class action lawsuit filed by disgruntled WorldCom investors. He also gave up his depleted WorldCom retirement account, leaving him with nothing for regulatory fines, the report said.