Bernard John Ebbers was born the 27th of August in 1941 in Canada. He co-founded the telecommunications company WorldCom and worked as executive officer of that company. In 2005, he was convicted of fraud and conspiracy as a result of WorldCom's false financial reporting, and subsequent loss ofUS$100-billion to investors. The WorldCom scandal was, until the Madoff schemes came to light in 2008, the largest accounting scandal in United States history. He is currently serving a 25-year prison term at Oakdale Federal Correctional Complex in Louisiana.
Ebbers career took off when he got involved in the investment, acquisition and management of telecommunications companies in the 1980s. He co-founded WorldCom in 1995 and was named chief executive. The company soon acquired MFS Communications, Inc. Two years later, WorldCom made a successful unsolicited bid for MCI Communications, earning Ebbers fame and considerable wealth.
In 1999 Ebbers wealth was near $1.4 billion with personal holdings that included a 500,000 acre ranch in British Columbia, a 21,000 acre farm in Louisiana, 540,000 acres of timberlands in the South, and a minor league hockey team. Much of these holdings were backed by WorldCom stock holdings, and as the stock price declined, the WorldCom board of directors authorized loans to prevent him from selling his shares.
In 2002 began allegations of conspiracy and frauds, and Ebbers resigned from Worldcom. At that time a promissory note was written for 400$ million from Worldcom board. Later an investigation revealed accounting misstatements totaling $11 billion in inflated earnings. Ebbers was summoned to give evidence during the hearings in July 2002, and denied any fraudulent conduct.
In 2005 Ebbers was found guilty of fraud and conspiracy in the hardest case of fraud in US history before Maddoff case. The scandal caused a 180$ billion to the investors and the company was declared bankrupt.
Bernard Ebbers is currently serving 25 years at a federal prison in Louisiana. He was married to Linda Pigott from 1968 until 1997; they have three daughters. He married Kristie Webb in 1999.
In 1999 Ebbers wealth was near $1.4 billion with personal holdings that included a 500,000 acre ranch in British Columbia, a 21,000 acre farm in Louisiana, 540,000 acres of timberlands in the South, and a minor league hockey team. Much of these holdings were backed by WorldCom stock holdings, and as the stock price declined, the WorldCom board of directors authorized loans to prevent him from selling his shares.
In 2002 began allegations of conspiracy and frauds, and Ebbers resigned from Worldcom. At that time a promissory note was written for 400$ million from Worldcom board. Later an investigation revealed accounting misstatements totaling $11 billion in inflated earnings. Ebbers was summoned to give evidence during the hearings in July 2002, and denied any fraudulent conduct.
In 2005 Ebbers was found guilty of fraud and conspiracy in the hardest case of fraud in US history before Maddoff case. The scandal caused a 180$ billion to the investors and the company was declared bankrupt.
Bernard Ebbers is currently serving 25 years at a federal prison in Louisiana. He was married to Linda Pigott from 1968 until 1997; they have three daughters. He married Kristie Webb in 1999.
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