New York (Aug. 29, 2002) -- Two former WorldCom executives were indicted on fraud charges Wednesday in connection with the company's $7.2 billion accounting irregularities and subsequent massive bankruptcy filing.WorldCom’s former chief financial officer, Scott Sullivan, and Buford Yates, the company’s former director of general accounting, were indicted by the office of the U.S. Attorney for the Southern District of New York.

Former WorldCom controller David Myers was not indicted Wednesday. However, published reports indicated that he may be cooperating in the investigation.

The indictment alleges Sullivan spearheaded the fraud at the telecommunications carrier by shifting costs from overhead to the company’s capital accounts.

-- Electronic Accountant Newswire staff

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