Former WorldCom chief financial officer Scott Sullivan was in federal court Wednesday for his arraignment. The charges stem from the collapse of the communications giant.
Sullivan and accounting executive Buford Yates entered not guilty pleas.
Sullivan remains free on $10 million bail, while Yates was released on $500,000 bond.
Prosecutors say WorldCom executives hid $3.8 billion in expenses. They expect to file new charges and possibly name new defendants in the investigation.