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Apr 05, 2010

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WorldCom Victim

The bigger issue is why the SEC ignores whistleblower complaints altogether. In 2000, complaints poured into the SEC about insider trading in WorldCom's Employee Stock Option Plan. Instead of investigating, the SEC ignored the complaints and the regulators helped the attorneys suppress the evidence. Nobody was ever prosecuted and WorldCom commenced its accounting fraud, destroying even more billions in investor wealth two years later. Here we are ten years later and the proof of insider trading is easily found on the Internet but the only ones who care are those destroyed. This was an incredible betrayal of trust on the part of the SEC then and now.

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