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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 · WorldCom was in financial trouble and used fraudulent accounting techniques to hide its losses from investors and others. The company filed for bankruptcy because of the scandal, and several...
Aug 11, 2021 · Following Cooper’s report, the Securities and Exchange Commission (SEC) launched its own investigation into WorldCom’s accounting and found that the company had overstated assets by a staggering $11 billion. At the time, it was the largest corporate accounting fraud case in US history.
Sep 29, 2021 · By June 2002, the United States’ second-largest long-distance telecommunications company confirmed it had overstated its earnings, mainly by classifying as capital expenditures those payments it was making for using the communications networks of other companies.
Jul 3, 2002 · WorldCom’s misrepresentation of these expenses led to an artificial inflation of its net income and EBITDA (earnings before interest, taxes, depreciation and amortization).
Mar 15, 2024 · Once a telecommunications giant, WorldCom’s meteoric rise to prominence was followed by a catastrophic fall from grace due to one of the largest accounting scandals in history. WorldCom, initially known as Long Distance Discount Service (LDDS), was founded in 1983 by businessman Bernard J. Ebbers.
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...
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.
Jan 18, 2005 · Now, with WorldCom in tatters, he stands accused of masterminding a record $11 billion accounting fraud that toppled the company he created and left investors, former employees and others to...
