Ebbers faces jail for WorldCom fraud
PrintSentence due today
Posted in Financial News, 13th July 2005 13:46 GMT
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Bernie Ebbers is due to be sentenced today for masterminding the $11bn (£5.8bn) fraud at US telco WorldCom.
In March he was found guilty on all charges related to the massive accounting fraud that brought the telecoms giant to its knees.
Following eight days of deliberation, a Manhattan federal jury returned guilty verdicts on charges of conspiracy, securities fraud, and seven counts of filing false reports.
Ebbers, 63, could spend the rest of his life behind bars after helping make WorldCom "synonymous with fraud".
Commenting on the case last month prosecutors said: "The enormity of the crimes that Mr Ebbers committed cannot be overstated: The fraud at...WorldCom was the largest securities fraud in history.
"Along with Enron, the name WorldCom has become synonymous with fraud."
A request for a retrial by Ebbers' defence was rejected by Judge Barbara Jones.
Ebbers' team is already working on an appeal. ®
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