WorldCom chief financial officer Scott Sullivan and another former executive, Buford Yates, have been charged with securities fraud and making false statements in the bankrupt company's $7.2bn accounting scandal.
If found guilty, Sullivan, who was arrested last month, could face a jail term of up to 65 years.
The grand jury indictment however does not include former controller David Myers who was also arrested at the same time, raising speculation that he is arranging a plea bargain, which would secure his co-operation in the case.
According to the Financial Times the indictment portrays Sullivan as the brains behind the plan to record WorldCom expenses relating to third-party telephone lines as income and massively overstate its figures.
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