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The WorldCom scandal was a major accounting scandal that came into light in the summer of 2002 at WorldCom, the USA's second-largest long-distance telephone company at the time.
Jun 14, 2024 · Several key individuals and entities were involved in the WorldCom scandal. Some of the most notable names include its CEO Bernie Ebbers, CFO Scott Sullivan, and the company's auditing firm ...
Sep 29, 2021 · WorldCom’s accounting scandal is a riches-to-rags story. Until its demise in mid-2002, WorldCom was regarded as the second-largest long-distance US telecommunications company. Although changing market conditions contributed to its profitability slide, its executives’ deliberate “cooking” of its books led to bankruptcy and prosecution.
Jul 3, 2002 · It is one of the largest scandals yet at a time when almost every week seems to call forth another case of corporate wrongdoing. Telecom firm WorldCom, the No. 2 U.S. long-distance telephone and ...
Aug 11, 2021 · The SEC charged WorldCom with civil fraud and reached a $2.25 billion settlement. Several executives and the CEO were indicted on charges of securities fraud, conspiracy, and filing false documents with regulators.
Jul 22, 2002 · WorldCom, plagued by the rapid erosion of its profits and an accounting scandal that created billions in illusory earnings, last night submitted the largest bankruptcy filing in United States...
May 19, 2003 · WorldCom Inc., Civil Action No. 02-CV-4963 (SDNY) (JSR) The Securities and Exchange Commission today filed a proposed settlement in its civil action against WorldCom Inc. in federal district court in the Southern District of New York.
Feb 3, 2020 · Former WorldCom CEO Bernard Ebbers, the "telecom cowboy" who spent 13 years in federal prison for his involvement in a notorious $11 billion accounting scandal, died Sunday. He was 78.
Feb 13, 2006 · The SEC's complaint charged that WorldCom had inflated its income by approximately $3.8 billion through an unlawful scheme, and sought the appointment of a corporate monitor for WorldCom, injunctive relief, and a civil monetary penalty.
Jul 22, 2002 · WorldCom, the nation's No. 2 long-distance phone company, filed for Chapter 11 bankruptcy protection late Sunday, nearly one month after it revealed that it had improperly booked $3.8 billion in...
