“Beginning of 1999 through May 2002,” WorldCom “suffered one of the largest public company accounting frauds in history.” Under the financial advisement of Scott Sullivan (Chief Financial Officer), David Myers (Senior Vice President), and Buford “buddy” Yates (Director of Bureau Accounting), they master-minded a plan using fake accounting methods to hide the company’s economic condition. As a result, WorldCom was able to seem financially steady in the public eye and keep stock prices up. This was done by fabricating accounting entries “that had no basis of generally accepted accounting principles (GAAP). “In order to maintain the appearance that the company was economically stable and meeting targets they misstated “line cost” by capitalizing
