Sullivan Admits Lying About Fraud
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As expected, Scott Sullivan, former WorldCom CFO and star witness has faced intense cross examination at the trial of Bernie Ebbers. Centrepiece of the cross examination by defence lawyer Reid Weingarten getting Mr Sullivan to admit lying about the fraud. The people he lied to included board members and investors about the $11bn (£5.8bn) accounting fraud. Sullivan has testified that however, he did not lie to Ebbers and that the CEO knew all about it. In addition, to lying about accounting, Weingarten targetted Sullivan's use of cocaine and marijuana. Sullivan, who has already pleaded guilty to his part in the fraud. This was used against him, with Weingarten telling the court that Sullivan was only testifying in return for a lighter sentence. The BBC reported that Weingarten pressed Sullivan on a meeting with auditors in 2002. "If you believe something is in your interest, you are willing and able to lie to accomplish it, isn't that right?" asked Weingarten. "On that date, yes. I was lying," replied Mr Sullivan. The trial is expected to last eight weeks.
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