EBBERS Faces 85 years in jail [View All]

[rigel99]

Ex-Chief of WorldCom Convicted of Fraud Charges
By KEN BELSON
New York TImes....
http://www.nytimes.com/2005/03/15/business/15cnd-ebbers.html?ei=5094&en=b40c26ec5f12b2a2&hp=&ex=1110949200&adxnnl=1&partner=homepage&adxnnlx=1110924300-VaQRMvJq6E7TvjIfjq0sCg

Published: March 15, 2005

Bernard J. Ebbers, the former chief executive of WorldCom, was found guilty today on all nine counts of orchestrating a record $11 billion fraud that bankrupted his company.

Mr. Ebbers, 63, was convicted of securities fraud, conspiracy and seven counts of filing false reports with regulators. He now faces up to life in prison, with the convictions collectively carrying a maximum penalty of 85 years in prison. Sentencing was set for June 13. He remains free on bail.

Mr. Ebbers, whose wife, Kristie, and daughter, Carly, sat behind him dabbing their eyes as the verdict was read, showed no emotion as he listened to the jury's decision from his seat at the defense table in the Manhattan federal courtroom. The jury of seven women and five men had been in deliberations since March 4.

<Snip>

The verdict is a major victory for the government, which has stepped up efforts to crack down on corporate fraud in recent years. Both the Department of Justice and the Securities and Exchange Commission strengthened their enforcement divisions in the process, and their pursuit of Mr. Ebbers, who was indicted a year ago, was representative of that aggressive approach.

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Wow. Sometimes we get this kind of news and feel there are still some honest folks out there willing to prosecute criminal behaviour. I guess Bernie won't be singing in his church and praising his 'charitable deeds' this sunday in his little Mississippi home town.

All of corporate America must have had a very big shudder today and there are probably wondering when they will be next.

ON BEHALF OF HELEN and others of my friends who lost a fortune in MCI stock, I am happy the SEC & US Government have finally grown a backbone regarding Corporate fraud.

Now how do we get Diebold under similar investigation?