Numerous sources are reporting that Bernard Ebbers, former WorldCom CEO, has been found guilty on all nine counts in his indictment by a federal jury in New York.
Ebbers was known as a star in the telecommunications industry until the meltdown of WorldCom (now MCI) in the midst of an account scandal that cost investors billions. Ebbers was charged with securities fraud and lying to regulators. In his defense, he claimed that he never knew enough about the company's finances to be materially involved in accounting regularities that led to the company's failure and Ebbers's indictment.
Reports say that Ebbers will be sentenced in June.
AB -- 3/15/05
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