Roy Olofson

Vice President of Finance, Global Crossing

Former Global Crossing Exec Says He Was Fired for Reporting Irregularities
A former vice president of finance for bankrupt communications company Global Crossing has sued four of the company's officers including Chairman Gary Winnick for getting him fired by advising company management that his reports of accounting irregularities were unfounded.

The suit filed on behalf of Roy Olofson also claimed that he was defamed by Winnick at a February 15 'town hall' meeting at Global Crossing's offices when Winnick said, 'The definition of an extortionist is Roy Olofson.'

Since just before Global Crossing declared bankruptcy last January, 'defendant Winnick and others have defamed plaintiff by accusing him on multiple occasions of extortion and other misconduct', the suit said.

The charges and Olofson's firing allegedly came about because he questioned Global Crossing's accounting methods. These included so-called round-trip or swap transactions in which Global Crossing would sell an asset to a telecommunications company and then buy one the same amount, the suit said. The money coming in allegedly would be recorded as revenue and the money paid for the new asset would be amortized.

The suit said Olofson began questioning Global Crossing's transactions during a medical leave for treatment for lung cancer last year. After telling Global Crossing last August that he would participate in a continuation of the questionable accounting practices, Olofson immediately placed on administrative leave and later terminated 'under the guise of a 'planned' reduction in force', the suit said.

Other defendants in the suit include Joseph Perrone, a Global Crossing executive vice president and a former partner at Andersen LLP, Dan Cohrs, chief financial officer, and Thomas Casey, chief executive officer.

The suit was filed by O'Neill, Lysaght & Sun.

Roy Olofson Sues Global Crossing's Officers and Directors
Roy Olofson, the former Global Crossing Vice President of Finance, filed a defamation and interference with contract lawsuit today in Los Angeles federal court against officers and directors of the bankrupt company, including Chairman Gary C. Winnick and Executive Vice President of Finance, Joseph P. Perrone [Roy Olofson v. Gary C. Winnick, et al., U.S. District Court, Central District of California, Case No. CV-02-01693 GAF (JTLx)]. More...

Olofson Suit Refiled in Superior Court
O'Neill, Lysaght & Sun LLP attorneys announced today that they have refiled their lawsuit on behalf of Roy Olofson, the former vice president of finance for troubled communications giant Global Crossing, in Los Angeles Superior Court. The suit against Chairman Gary C. Winnick and other key executives was initially filed in federal court in February. More...