Violation Tracker Individual Record

Company: 
WorldCom Inc.
Current Parent Company: 
Verizon Communications
Penalty: 
$500,000,000
Year: 
2003
Date: 
July 2, 2003
Offense Group: 
financial offenses
Primary Offense: 
accounting fraud or deficiencies
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 Parent: 
USA
HQ State of Parent: 
New York
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
telecommunications
Specific Industry of Parent: 
telecommunications
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.