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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Bassim Michael has created Practice Gauge, a cloud-based analytics platform for his fellow accountants to use with their dentistry and veterinary clients.
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Private sector employers cut 33,000 jobs in June, the first decline in over two years, while annual pay grew 4.4% year-over-year, payroll giant ADP reported.
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The Top 25 Firm plans to launch a data warehouse service for smaller organizations this year and has been using AI to develop some of its rollout strategies.
July 2 -
The Internal Revenue Service's Electronic Tax Administration Advisory Committee delivered its annual recommendations.
July 2 -
Tariffs and the impact of government debt on the economy remain major concerns, according to a Grant Thornton survey.
July 2 -
North Carolina Gov. Josh Stein signed into law a bill that adds an additional pathway to CPA licensure, effective Jan. 1, 2026.
July 2