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Violation Tracker Individual Record

Company: WorldCom Inc.
Current Parent Company: Verizon Communications
Parent at the Time of the Penalty Announcement:  subscribe to see this data field
Recap of Ownership Changes:  subscribe to see this data field
Penalty: $500,000,000
Year: 2003
Date: July 2, 2003
Offense Group: financial offenses
Primary Offense: accounting fraud or deficiencies
Mega-Scandal: Early 2000s Accounting Scandals
Violation Description: Because of the company's bankruptcy filing, the SEC announced that it would modify its settlement with WorldCom Inc. so that a payment of $500 million would be acceptable in place of the previous settlement amount of $1,510,000,000.
Level of Government: federal
Action Type: agency action
Agency: Securities and Exchange Commission
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: New York
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: telecommunications
Specific Industry of Current Parent: telecommunications
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.