Ex-WorldCom Executive Settles SEC Lawsuit
From Bloomberg News
A former WorldCom Inc. accountant agreed to pay more than $125,000 to settle a Securities and Exchange Commission lawsuit over his role in the $11-billion fraud that drove the company into bankruptcy.
Mark Abide, WorldCom’s former director of property accounting, took part in the fraud and engaged in insider trading, the SEC said in the suit filed in New York federal court. Abide didn’t face criminal charges in the case, which led to convictions of executives including founder Bernard J. Ebbers.
“While the fraud was being carried out by Abide and others, Abide sold 6,728 shares of WorldCom stock, avoiding losses of nearly $58,000,” the SEC said.
