The final chapter in the saga of WorldCom Inc. was revealed Wednesday when its former chief executive Bernie Ebbers was sentenced to 25 years in prison for an $11 billion accounting fraud that caused the telecommunications titan to file the largest bankruptcy in U.S. history.
Ebbers was credited with transforming Mississippi-based WorldCom into one of the worlds largest telecommunications companies through acquisitions, but maintaining the growth Wall Street expected became harder in the face of falling long-distance prices, competition and other pressures.
Earlier this year, Ebbers was convicted of nine counts of fraud, conspiracy and making false filings with regulators for the $11 billion fraud that led to the 2002 bankruptcy, and an evaporation of $180 billion in market value. WorldCom emerged from bankruptcy last year as MCI Inc.
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August 22 2019 @ 21:32:04 UTC