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The government’s fraud case against WorldCom, which has been moving quickly, could hit a lull after Thursday’s guilty pleas by two former low-level accountants at the collapsed telecom giant.
Betty Vinson and Troy Normand pleaded guilty in federal court to fraud and conspiracy, bringing to four the number of players who are cooperating with prosecutors in exchange for possible leniency.
They will help prosecutors’ case against former chief financial officer Scott Sullivan. Prosecutors say the underlings followed instructions from him that allowed WorldCom to inflate earnings by hiding $5 billion in expenses from late 2000 into 2002.
Sullivan, who has pleaded innocent to multiple charges, is the top officer implicated so far in one of the biggest fraud cases ever. Prosecutors hope he can lead them to others, including former CEO Bernie Ebbers, who has not been charged and says he is innocent.
It could be months or longer before new names or charges emerge, if they do. “If Sullivan hunkers down and tries to fight this, it could be a considerable period before they figure out whether there will be a case against a more senior official, such as Ebbers,” says Jacob Frenkel, a former prosecutor.
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