Ebbers Guilty As Charged
Former WorldCom CEO Bernard Ebbers was found guilty of fraud charges related to the company’s $11 billion accounting scandal.
Ebbers, who was also found guilty of conspiracy and filing false documents with regulators will face up to 85 years in prison, possibly the rest of his life. He will be sentenced on June 13.
According to a New York Times article,
“Mr. Ebbers, whose wife, Kristie, and daughter, Carly, sat behind him dabbing their eyes as the verdict was read, showed no emotion as he listened to the jury’s decision from his seat at the defense table in the Manhattan federal courtroom. The jury of seven women and five men had been in deliberations since March 4.
The verdict ends one of the most widely watched corporate fraud prosecutions in recent times. The rise and fall of WorldCom, which collapsed in 2002, has become emblematic of the successes and excesses of the technology bubble of the 1990’s.”
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