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Headlines WorldCom's Ebbers Gets 25 Years in Prison

voiceofreason

Seeker of Truth
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#1
Associated Press

NEW YORK - Bernard Ebbers, who as CEO of WorldCom oversaw the largest corporate fraud in U.S. history, was sentenced Wednesday to 25 years in prison.

The sentence was handed down by Judge Barbara Jones of U.S. District Court in Manhattan three years after WorldCom collapsed in an $11 billion accounting fraud, wiping out billions of investor dollars.

"I find that a sentence of anything less would not reflect the seriousness of this crime," Jones said.

Ebbers did not address the judge and showed no discernible reaction. His wife, Kristie Ebbers, cried quietly.

Jones ordered Ebbers to report to prison on Oct. 12. She said she would recommend Ebbers be designated to the federal prison in Yazoo City, Miss., close to his home.

Defense lawyer Reid Weingarten had asked for leniency, mentioning Ebbers' heart condition and his charitable works, cited repeatedly in 169 letters sent to the judge. He described Ebbers as "a modest man" and an angel to many desperate charitable causes.

The judge said she did not believe his heart condition was serious enough to warrant a lesser sentence. She called the charity question a close call and said she would consider it but not formally reduce sentence because of it.

In a victim impact statement, Henry J. Bruin Jr., 37, a former WorldCom salesman, said the company's collapse caused him "untold human carnage" and put him through "sheer hell." He lost all of his savings and couldn't get another sales job.

Ebbers is the first of six former WorldCom executives and accountants facing sentencing this summer. The other five all pleaded guilty and agreed to cooperate against their former boss. WorldCom emerged from bankruptcy as MCI Inc.
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Wake up all you CEOs - apparently you CAN'T use your company like your personal Piggy Bank.


A little accountabilty - I like it!

 

Descent

Hella Constipated
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#2
voiceofreason said:
Associated Press

NEW YORK - Bernard Ebbers, who as CEO of WorldCom oversaw the largest corporate fraud in U.S. history, was sentenced Wednesday to 25 years in prison.

The sentence was handed down by Judge Barbara Jones of U.S. District Court in Manhattan three years after WorldCom collapsed in an $11 billion accounting fraud, wiping out billions of investor dollars.

"I find that a sentence of anything less would not reflect the seriousness of this crime," Jones said.

Ebbers did not address the judge and showed no discernible reaction. His wife, Kristie Ebbers, cried quietly.

Jones ordered Ebbers to report to prison on Oct. 12. She said she would recommend Ebbers be designated to the federal prison in Yazoo City, Miss., close to his home.

Defense lawyer Reid Weingarten had asked for leniency, mentioning Ebbers' heart condition and his charitable works, cited repeatedly in 169 letters sent to the judge. He described Ebbers as "a modest man" and an angel to many desperate charitable causes.

The judge said she did not believe his heart condition was serious enough to warrant a lesser sentence. She called the charity question a close call and said she would consider it but not formally reduce sentence because of it.

In a victim impact statement, Henry J. Bruin Jr., 37, a former WorldCom salesman, said the company's collapse caused him "untold human carnage" and put him through "sheer hell." He lost all of his savings and couldn't get another sales job.

Ebbers is the first of six former WorldCom executives and accountants facing sentencing this summer. The other five all pleaded guilty and agreed to cooperate against their former boss. WorldCom emerged from bankruptcy as MCI Inc.
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Wake up all you CEOs - apparently you CAN'T use your company like your personal Piggy Bank.


A little accountabilty - I like it!

Wow. Prison bitch a la mode.
 

gurlgonewild

Was machen Sie?
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supremely well deserved, his actions were partly responsible for the telecom industry's collapse. :thumbsup:
 

DanGeo23

Resident Conservative
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good decision... :thumbsup:

next corporate scandal .... Dreamworks...