| Log In | Register New User |
|
|
| Home | Company Search | Related Articles | Forum (new!) |
| Company | WorldCom [Company Info] |
| Track this Company (an email will be sent to you everytime a report is filed about this company) |
| Date | Issue | Title |
| 19th Jan 2005 | Fraud Investigation | WorldCom trial starts in New York |
| Report |
| The trial of Bernie Ebbers, former chief executive of bankrupt US phone company WorldCom, has started in New York with the selection of the jury. Mr Ebbers, 63, is accused of being the mastermind behind an $11bn (£6bn) accounting fraud that eventually saw the firm collapse in July 2002. His indictment includes charges of securities fraud, conspiracy and filing false reports with regulators. If found guilty, Mr Ebbers could face a substantial jail sentence. He has firmly declared his innocence. Under Mr Ebbers' leadership, WorldCom emerged from Mississippi obscurity to become a $160bn telecoms giant and the darling of late 1990s investors. Yet as competition intensified and the telecoms boom petered out, WorldCom found itself under growing financial stress. When WorldCom finally collapsed, shareholders lost about $180bn and 20,000 workers lost their jobs. Mr Ebbers' trial, which is expected to last two months, is the latest in a series of attempts by US prosecutors to pursue senior executives for fraud. It will coincide with the retrial of former Tyco International chief Dennis Kozlowski and his top lieutenant, accused of looting the industrial conglomerate to the tune of $600m. Trail preparations are also preparing for former executives of shamed US energy firm Enron. |
| Other Reports on WorldCom | |||
| Date | Issue | Company | Report |
| 28th Jul 2006 | Other Issue | WorldCom | Worldcom's ex-boss loses appeal |
| 11th Aug 2005 | Fraud Investigation | WorldCom | Ex-Worldcom finance chief jailed |
| 13th Jul 2005 | Fraud Investigation | WorldCom | Worldcom's ex-boss gets 25 years |
| 15th Mar 2005 | Fraud Investigation | WorldCom | Ebbers guilty of Worldcom fraud |
| 27th Jan 2005 | Fraud Investigation | WorldCom | Ebbers pleads Worldcom ignorance |
| 6th Jan 2005 | Other Issue | WorldCom | WorldCom agrees $54m payout |
| Related Reports from the Telecommunications Industry | ||
| Company | Issue | Report |
| British Telecom | Questionable Practice | BT increases call charges |
| Qwest Communications | Fraud Investigation | Qwest settles fraud investigation |
| Nortel Networks | Other Issue | Nortel chief fired over finances |
| Qwest Communications | Fraud Investigation | Qwest settles SEC fraud inquiry |
| Qwest Communications | Other Issue | Former Qwest chief accused by SEC |
| Contact Us | Terms of Service | Privacy Policy | Add Report | Links |
| © 2006 Corp-Ethics.com | Corporate Ethics |