Facing a potential prison sentence of 85 years for his conviction in the massive accounting fraud at WorldCom, former chief executive Bernie Ebbers agreed to pay $5 million and transfer the majority of his assets to a liquidation fund to settle all civil charges related to the company's $11 billion scandal. The trust would subsequently divest Ebbers' assets, including his Clinton, Miss., home and his ancillary business interests. The settlement stems from a class-action suit by WorldCom investors lodged against former executives and board members, in addition to securities underwriters and auditor Arthur Andersen. Although still subject to approval by a federal judge, the settlement stipulates that 75 percent of the sale proceeds would go to the class-action plaintiffs, with the remainder earmarked for MCI, the company that emerged after WorldCom's bankruptcy. Ebbers is scheduled to be sentenced July 13.
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Farming it out; short circuited; California dreamin'; and other highlights of recent tax cases.
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The Public Company Accounting Oversight Board sanctioned PricewaterhouseCoopers' member firms in the U.S. and Australia over auditing quality control violations, imposing a $2.75 million and $600,000 penalty.
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Experts share what young accountants should look for in a firm and how to approach their careers.
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The ERP software provider is expanding its generative AI-driven feature to over 200 new places.
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The campaign is part of a larger effort by the IRS to increase its scrutiny of high-income taxpayers and large businesses to help close the tax gap.
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The Top 25 Firm is adding a tax, assurance, advisory and real estate consulting firm in Birmingham, Alabama.
March 28