Business Services Industry
'Life sentence' for Ebbers.
Australasian Business Intelligence, July, 2005
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Jul 14, 2005 (The Australian - ABIX via COMTEX)
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The former CEO of failed US telco, Worldcom, has received a long jail sentence. In March 2005, Bernie Ebbers was found guilty of nine counts of fraud, conspiracy and filing false returns. On 14 July, he was sentenced to 25 years in jail. This is the harshest sentence since US authorities have begun to take a strong stand on corporate crime. The prosecution said that Ebbers instigated the fraud, which caused shareholders to lose at least $US2.22 billion. The scandal also deterred investors in general and caused ...
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