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The WorldCom bankruptcy proceedings were held before U.S. Federal Bankruptcy Judge Arthur Gonzalez, who simultaneously heard the Enron bankruptcy proceedings, which were the second-largest bankruptcy case resulting from one of the largest corporate fraud scandals. None of the criminal proceedings against WorldCom and its officers and agents ...
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. From 1999 to 2002, senior executives at WorldCom led by founder and CEO Bernard Ebbers orchestrated a scheme to inflate earnings in order to maintain WorldCom's stock ...
Cynthia Cooper is an American accountant who formerly served as the Vice President of Internal Audit at WorldCom.In 2002, Cooper and her team of auditors worked together in secret and often at night to investigate and unearth $3.8 billion in fraud at WorldCom [1] which, at that time, was the largest corporate fraud in U.S. history.
On July 21, 2002, WorldCom declared what was at the time the largest bankruptcy in American history, with $107 billion in recorded assets. The story of one of the largest telecom companies in the
In October 1997, GTE, now a part of Verizon, made a bid to purchase MCI for $28 billion in cash. [34] WorldCom offered $34.7 billion in stock, higher than either the BT or GTE offers, which was accepted by MCI on November 10, 1997. [35] On September 15, 1998 the transaction was consummated and the merged company renamed MCI WorldCom. [36]
Scott D. Sullivan is the former chief financial officer, secretary, treasurer, and a board member of WorldCom, who was convicted as part of WorldCom's $3.8 billion accounting fraud, at the time the largest scandal of its kind in U.S. history.
Bernard John Ebbers (August 27, 1941 – February 2, 2020) was a Canadian-American businessman and the co-founder and CEO of WorldCom.Under his management, WorldCom grew rapidly but collapsed in 2002 amid revelations of accounting irregularities, making it at the time one of the largest accounting scandals in the United States.
John W. Sidgmore (April 9, 1951 – December 11, 2003) was a corporate executive.. He became the Chief Executive Officer of UUNET Technologies in June 1994. UUNET was purchased by MFS, later taken over by WorldCom, which eventually bought MCI.