NEW YORK, Sept. 26 -- WorldCom Inc.'s former controller pleaded guilty today to charges that he manipulated accounting to inflate profits and then tried to cover it up, moving federal prosecutors a step closer in their pursuit of senior company executives.
David F. Myers, the first WorldCom executive to fall in the largest accounting scandal in U.S. history, told U.S. District Court Judge Richard C. Casey that he was directed by his superiors to falsify accounting records.
His guilty plea came as part of a deal to help the government target even more senior executives in exchange for leniency.
Myers, 45, showed little emotion as he pleaded guilty to three counts of conspiracy, securities fraud and making false statements to the Securities and Exchange Commission.
In a related move, the SEC filed its own civil complaint against Myers yesterday. The 25-page complaint closely mirrors the case outlined by prosecutors.
Myers faces a multimillion-dollar fine and up to 20 years in prison, but he will probably get significantly less time because of his cooperation.
News source: TechNews - WorldCom Controller Pleads Guilty