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NEW YORK (Reuters) - Former WorldCom Inc. finance chief Scott Sullivan began his long-awaited testimony on Monday by implicating ex-CEO Bernard Ebbers in an $11 billion accounting scandal that drove the telecommunications company into the largest U.S. bankruptcy. "I falsified the financial statements of the company," Sullivan admitted under questioning from prosecutor William Johnson, who then asked the government's star witness to name anyone else involved in the crime. Sullivan named five, including Ebbers. He was the first witness during the trial to directly link the one-time chief executive to the accounting fraud he stands accused of orchestrating. Sullivan also...

An eight-bedroom mansion going up as WorldCom founders has come to symbolize the '90s ''infectious greed.'' [AP photo] Scott Sullivan's house under construction in Boca Raton will have 16,410 square feet of air-conditioned space, and 7,100 square feet of other areas. BOCA RATON -- Even in a neighborhood of $2.5-million homes, the eight-bedroom mansion under construction at 6006 Le Lac Road raises the bar with its commanding profile along the edge of a lake. Keeping up with the Sullivans, it appears, will take some doing. The new home of Scott D. Sullivan, the ousted chief financial officer of WorldCom, will...

PHILADELPHIA (REUTERS) - WorldCom Inc., the long-distance telephone and data services company buckling under a $3.85 billion accounting scandal and a mountain of "junk-rated" debt, may file for bankruptcy protection as early as next week, sources familiar with the situation said on Thursday. A WorldCom spokesperson could not be immediately reached for comment. A bankruptcy filing by WorldCom, which has $104 billion in assets, would eclipse the Chapter 11 filing by collapsed energy trader Enron Corp. as the nation's largest insolvency. The Clinton, Mississippi-based company has lined up about $2 billion in funding that would allow it to keep operating...

(July 10, 2002 2:52 p.m. EDT) - The scene has become the cliche of 2002: Solemn, once-respected corporate leaders facing a congressional committee and declining to answer question after question, even such basic queries as name and address, by invoking their right against self-incrimination. It happened again Monday when the former two top officers of WorldCom, Bernard Ebbers and Scott Sullivan, appeared before the House Financial Services Committee. They looked both guilty and silly - and that's the whole point of what is a one-sided and inherently unfair process. The members of Congress could accuse, and did, Ebbers and Sullivan...

WorldCom Inc. released internal memos indicating that former Chief Financial Officer Scott Sullivan planned to bury a $3.8 billion accounting misstatement in a second-quarter charge and told Chief Executive John Sidgmore to expect additional write-downs. The disclosure was made in a revised statement WorldCom provided to the Securities and Exchange Commission, which had asked for a more detailed account from the company. Last week, SEC Chairman Harvey Pitt blasted WorldCom, the nation's second- largest long-distance phone company, and Mr. Sidgmore for failing to give a full rendering of events that led up to its massive accounting restatement several weeks...

Re: WorldCom, Inc., HO-09440 Revised Statement Pursuant to Section 21(a)(1) of the Securities Exchange Act of 1934 1. This revised statement is submitted by WorldCom, Inc. (the "Company") in response to the Commission's June 26, 2002 Order (the "Order") directing the Company to describe in detail the facts and circumstances underlying the events described in and leading to the Company's June 25, 2002 press release (the "Release") regarding its intention to restate its 2001 and first quarter 2002 financial statements. The information provided in this Statement reflects the Company's best understanding as of this date. However, in light of...