Feeds

Ebbers weeps as sentence handed down

25 years for $11bn WorldCom fraud

  • alert
  • submit to reddit

The essential guide to IT transformation

Bernie Ebbers wept in court as he was told he faced 25 years in chokey for orchestrating the world's biggest securities fraud at WorldCom.

The man behind the $11bn (£5.8bn) con that helped make WorldCom "become synonymous with fraud" was visibly shaken when the sentence was handed down yesterday, according to those in court.

For Ebbers, 63, the jail term means he could spend the rest of his life behind bars, reports the BBC.

He is due to start his prison sentence on October 12 at a federal jail in Yazoo City, Mississippi, which is near his home.

Handing down the sentence Judge Barbara Jones told the court: "A sentence of anything less would not reflect the seriousness of the crime."

In March, Bernard J Ebbers, the former chief exec of WorldCom (now renamed MCI), was found guilty of orchestrating the $11bn (£5.8bn) accounting fraud that led to the collapse of the US telecoms giant, the loss of 20,000 jobs and wiped out more than $100bn in stock value.

Not bad for a man who made much of his humble roots as an ex-milkman and basketball coach whose grasp of accounting and technology were limited.

Throughout the six week trial the former chief exec maintained he knew nothing of the book fiddling that brought the telecoms giant to its knees. Instead, he told the court he left all the financial matters to his bean counters.

The jury didn't agree. Following eight days of deliberation, the Manhattan federal jury returned guilty verdicts on charges of conspiracy, securities fraud, and seven counts of filing false reports.

Speaking yesterday Judge Jones said that Ebbers "was clearly a leader of criminal activity in this case". ®

Related stories

Ebbers jailed for 25 years
Ebbers faces jail for WorldCom fraud
Ebbers could face life for WorldCom fraud
Ebbers conviction - 'victory for individual responsibility'
Ebbers guilty on all counts
Ebbers guilty of WorldCom fraud
Ebbers was 'leader of the con'
Ebbers denies knowledge of WorldCom fraud
Ebbers recalls shock of discovering WorldCom fraud
Ebbers in the dark over accounting scandal - witness
Ebbers was 'intimidating' boss

Secure remote control for conventional and virtual desktops

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
So, Apple won't sell cheap kit? Prepare the iOS garden wall WRECKING BALL
It can throw the low cost race if it looks to the cloud
Time Warner Cable customers SQUEAL as US network goes offline
A rude awakening: North Americans greeted with outage drama
We need less U.S. in our WWW – Euro digital chief Steelie Neelie
EC moves to shift status quo at Internet Governance Forum
Google has spaffed more cash on lobbying this year than Big Cable
Don't worry, it'll be cheaper when they use drones
EE fails to apologise for HUGE T-Mobile outage that hit Brits on Friday
Customer: 'Please change your name to occasionally somewhere'
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Endpoint data privacy in the cloud is easier than you think
Innovations in encryption and storage resolve issues of data privacy and key requirements for companies to look for in a solution.
Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?